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Sovereign Wealth Funds Briefing 07.May 2015

Posted on 07 May 2015 by VRS |  Email |Print

Singapore sovereign wealth fund GIC is in talks to buy a stake worth as much as 3 billion reals (S$1.3 billion) in one of Brazil’s biggest hospital operators Rede D’Or Sao Luiz SA, people with knowledge of the matter said.
GIC may acquire as much as 14 per cent of the hospital operator, in equal shares from the company’s founding Moll family and Grupo BTG Pactual, the people said, asking not to be identified because the information is private. GIC could announce a deal for the stake within a month, the people said………………………………………..Full Article: Source

Posted on 07 May 2015 by VRS |  Email |Print

A unit of Singapore’s sovereign wealth fund has exercised its option to convert a loan to Century Pacific Group Inc into shares in its listed subsidiary. In a disclosure to the Philippine Stock Exchange, Century Pacific Food Inc said Arran Investment Private Limited, which is an affiliate of Singapore’s GIC Private Limited, has sent word that it would exercise the option clause in the Exchangeable Loan Agreement signed in April 30, 2014.
That agreement involved Arran providing Century Pacific Group a P3.376 billion loan, which the borrower can repay by converting the principal and interest into 245.5 million shares in its listed tuna canning subsidiary. The exercise of the option would redound to a conversion price of P13.75 a share, equivalent to Century Pacific’s initial public offering (IPO) price………………………………………..Full Article: Source

Posted on 07 May 2015 by VRS |  Email |Print

Omgeo, a wholly owned subsidiary of The Depository Trust & Clearing Corporation (DTCC) and the global standard for post-trade efficiency, announced that Singapore’s sovereign wealth fund GIC Private Limited (GIC) has adopted Omgeo ALERTSM, the industry’s largest and most compliant web-based global database for the maintenance and communication of account and Standing Settlement Instructions (SSIs). The firm adopted the solution to deliver further improvements in post-trade operational efficiency.
GIC wanted to enhance its enterprise trade lifecycle platform as part of a two-stage process. Phase one involved the importing of SSIs into ALERT, with a focus on fixed income instructions, in the third quarter of 2014. GIC is now embarking on the second phase of that project: loading SSIs for equity trades into ALERT. This is scheduled to go live in the second quarter of 2015. (Press Release)

Posted on 07 May 2015 by VRS |  Email |Print

Law firm Khaitan & Co., advised Temasek International Pte Ltd (Temasek) in relation to the acquisition of 34.37% of Crompton Greaves’ consumer products business from Avantha. Holdings by Advent International and Temasek for aggregate consideration of USD 310 million approximately.
The Firm advised Temasek in relation to structuring the transaction, commenting on the definitive documents related to the transaction and the applications seeking approvals from the RBI and the CCI………………………………………..Full Article: Source

Posted on 07 May 2015 by VRS |  Email |Print

Norway’s sovereign wealth fund has reduced its pure-play coalmining holdings again, cutting its stake to just $A83m of the $A1.12tn fund, The Wall Street Journal reports. According to the newspaper, the holdings are now just about one-fifth of its late 2013 pure-play coal holdings, but the fund still holds about $20bn in utilities shares and $6bn in diversified mining company stocks, both of which may include coal operations.
The changes come amid concerns about the sustainability of pure-play coalminers’ business models, the Journal reports, with Norwegian politicians in a continuing debate about whether to restrict the giant fund’s investments in fossil fuel industries, particularly with the UN climate summit looming in Paris later this year………………………………………..Full Article: Source

Posted on 07 May 2015 by VRS |  Email |Print

The world biggest sovereign wealth fund’s decision to ask top mining companies about the possibility of spinning off coal assets underscores increasing pressure on producers of the fossil fuel to prepare for a low-carbon future.
Norges Bank Investment Management, managing Norway’s $US900 billion ($1.13 trillion) fund, wrote to the biggest miners and “raised the question of spinning off coal mining,” Chief Executive Officer Yngve Slyngstad told Norway’s parliament Monday. It “requested plans for transition to low-carbon energy systems,” he said………………………………………..Full Article: Source

Posted on 07 May 2015 by VRS |  Email |Print

State Oil Fund of Azerbaijan (SOFAZ) is near completing a Memorandum of Understanding with the Fondo Strategico Italiano (FSI), also known as the Italian Strategic Fund. The MoU will highlight a number of new long-term investment projects. Fondo Strategico Italiano is keen on partnering with sovereign wealth funds on investments.
The fund has signed a number of agreements with wealth funds such as the Qatar Investment Authority (QIA). The MoU is expected to be signed in September 2015………………………………………..Full Article: Source

Posted on 07 May 2015 by VRS |  Email |Print

Falcon Private Bank, the wealth manager owned by an Abu Dhabi sovereign wealth fund, says European stocks have “years of gains” to come as the region rolls out its stimulus plan, while the U.S. bull run is almost over.
Markets in the euro zone may take a “short pause” before the influx of liquidity from the European Central Bank’s quantitative easing program prompts increases, David Pinkerton, the Zurich-based chief investment officer for Falcon, said Wednesday in an interview at Bloomberg’s Dubai offices………………………………………..Full Article: Source

Posted on 07 May 2015 by VRS |  Email |Print

Keangnam Hanoi Landmark Tower, the highest building in Hanoi, Vietnam, valued at $1 billion, has been reportedly put on sale; interested international investors include, Goldman Sachs and the Qatar Investment Authority (QIA).
The Korea Economic Daily cited sources, saying that both the Goldman Sachs and the QIA have made their respective offers for the acquisition of the Hanoi tower to the New York office of commercial real estate service company Colliers International, the lead manager in the sale of the 72-story building, constructed by Korean firm Keangnam Enterprises………………………………………..Full Article: Source

Posted on 07 May 2015 by VRS |  Email |Print

International Petroleum Investment Corp. (IPIC) acted swiftly to shake off concerns about its corporate governance. The government-backed vehicle reshuffled its board on April 22, with U.A.E. Minister of Energy Suhail Mohammed Faraj al-Mazrouei replacing Khadem al-Qubaisi as the fund’s chief executive. Sheikh Mansour bin Zayed al-Nahyan remains as chairman of IPIC. Former IPIC CEO al-Qubaisi was also omitted from a list of new board members at Dubai-based construction firm Arabtec Holdings — in which IPIC now holds a 36.1 percent stake - and where he had served as chairman.
On April 13, the Financial Times reported allegations that al-Qubaisi used Luxembourg-based shell companies to secure deals with some of IPIC’s holdings. Specifically, the story alleged that he used one of the companies to take out a lease on Spain’s tallest building, Madrid’s Torre Foster and nine months later to sublet it to IPIC-owned Compania Espanola de Petroaleos (CEPSA), of which al-Qubaisi was chairman………………………………………..Full Article: Source

Posted on 07 May 2015 by VRS |  Email |Print

Sustained low prices of oil are affecting the funding input levels of commodity-based sovereign wealth funds. These current fossil fuel prices are economically squeezing countries like Russia, Saudi Arabia, Venezuela and Iran in harmful ways. Economists, pundits, energy CEOs and policymakers are trying to get a grasp on the long-term price of oil. Lao Tzu, a 6th Century BC Chinese Poet, wrote, “Those who have knowledge, don’t predict. Those who predict, don’t have knowledge.”
Commodity-based sovereign funds such as the Abu Dhabi Investment Authority (ADIA) and Kuwait Investment Authority (KIA), may face increased withdrawals to fund deepening fiscal deficits, while cash infusions have shrunk for wealth funds like Norway’s Government Pension Fund Global………………………………………..Full Article: Source

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