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Sovereign Wealth Funds Briefing 11.Dec 2015

Posted on 11 December 2015 by VRS |  Email |Print

Mergers and acquisitions (M&As) by sovereign wealth funds drove an almost doubling of capital market deals in Singapore in 2015, according to a report by corporate finance adviser Duff & Phelps. There were 685 M&A, private-equity, venture-capital and initial public offering deals worth US$103.8 billion in Singapore this year, according to the report. That was almost twice the US$55.4 billion of deals in 2014.
M&A transactions accounted for US$101.2 billion of the 2015 total, which was twice the US$50.7 billion for 2014. The US$37 billion acquisition of Broadcom Corp by Singapore and California-based Avago Technologies was the biggest deal of the year, but Singapore government-controlled investors GIC and Temasek and companies linked to them were involved in the next six biggest M&A deals in Singapore………………………………………..Full Article: Source

Posted on 11 December 2015 by VRS |  Email |Print

Temasek Holdings, the biggest foreign investor in Chinese banks, will raise its profile in the country’s financial sector by taking part in Postal Savings Bank of China’s (PSBC) private fund-raising exercise. PSBC will sell 16.92% of its stake to 10 global strategic partners, including financial institutions, such as JP Morgan Chase, UBS Group, Temasek Holdings and Alibaba-owned Ant Financial.
The stake sale, raising US$7.06 billion ($9.93 billion), comes ahead of a planned initial public offering by the Chinese lender, which is expected to take place in Hong Kong next year………………………………………..Full Article: Source

Posted on 11 December 2015 by VRS |  Email |Print

Saudi Arabia and the United Arab Emirates’ sovereign wealth funds— at $668.6 billion and $773 billion, respectively— ranked as the Middle East’s largest in December 2015, according to a report issued by the Sovereign Wealth Fund Institute (SWFI).
The asset value of the kingdom’s SWF dropped by about $3.2 billion q-o-q since the institute’s last quarterly report. It ranked as the world’s fourth largest, just behind China. Meanwhile, the Abu Dhabi Investment Authority (ADIA) ranked second on the list after Norway. The Kuwait Investment Authority (KIA) claimed the fifth spot with assets worth $592 billion, while the Qatar Investment Authority (QIA) placed ninth at $256 billion………………………………………..Full Article: Source

Posted on 11 December 2015 by VRS |  Email |Print

Recent developments within Bahrain’s aluminium sector, spurred by investment from sovereign wealth fund Mumtalakat, are not in response to global commodity prices. Mumtalakat confirmed in November that it has entered a 49% joint venture (JV) with Indian aluminium firm, Synergies Castings, which will establish a facility in the Kingdom.
Reports during the month also stated that the wealth fund is keen to enter a similar arrangement with Spanish materials manufacturer, Aleastur. Mahmood Al Kooheji, chief executive officer of Mumtalakat, told Construction Week that while no details about the latter JV can be revealed just yet, he is optimistic about working with Synergies………………………………………..Full Article: Source

Posted on 11 December 2015 by VRS |  Email |Print

The Angolan Sovereign Fund (FSDEA) has received very positive review from the Linaburg-Maduell rating agency, in regard to the second quarter of the year 2015, with its transparency level placed high by the Sovereign Wealth Fund Institute (SWFI).
According to a note from the institution, which reached ANGOP in Luanda last Wednesday, the Angolan Sovereign Fund (FSDEA) got an 8 out of 10 rate, which means the FSDEA stands among the world’s most transparent sovereign funds. The SWFI is a renowned international rating agency focussed on monitoring the performance of sovereign funds all over the world………………………………………..Full Article: Source

Posted on 11 December 2015 by VRS |  Email |Print

Former Minister of Finance Ngozi Okonjo Iweala yesterday said she had paid former National Security Adviser to the President, Col Sambo Dasuki (rtd) $322m (about N63billion) from recovered Abacha funds to finance military operations. She was reacting to online media reports that accused her of illegally diverting the Abacha funds to the office of the former NSA. The money was returned to Nigeria in January 2015.
The statement signed by her Media Adviser, Paul C Nwabuikwu, said the attempt to link the former minister to any misuse of the funds for any purpose other than security was baseless. She explained that based on a request by Dasuki, former president Goodluck Jonathan set up a committee comprising of the former Minister of Justice, the former NSA and herself to determine how best to use both the returned and expected funds for development………………………………………..Full Article: Source

Posted on 11 December 2015 by VRS |  Email |Print

The sovereign wealth fund of Oman is set to buy a portfolio of prime Hilton hotels located in Europe’s key cities in a deal worth €380m (£275m). The Middle Eastern fund is close to agreeing a deal to acquire the properties, dubbed the Napoleon portfolio, from a joint venture between US hedge fund Baupost and Westmont Hospitality Group.
All except one of the eight properties are located in mainland Europe and include Hilton-branded hotels in Dresden, Düsseldorf and Luxembourg, as well as the Hilton at Charles de Gaulle airport in Paris. The rest are located in Zurich, Strasbourg and Barcelona, as well as the Los Zocos Club resort in the Canary Islands………………………………………..Full Article: Source

Posted on 11 December 2015 by VRS |  Email |Print

Kenmare Resources reached an agreement with the “State General Reserve Fund”, the sovereign wealth fund of Oman, for an investment of US$100 million in the company, according to a statement released Wednesday by the Irish company.
The company, which explores deposits of heavy minerals in Mozambique at the Moma mine in Nampula province, plans to raise US$175 million to reduce current financial liabilities of US$330 million. The agreement in principle assumes that Kenmare Resources can raise the remaining US$75 million through a share issue………………………………………..Full Article: Source

Posted on 11 December 2015 by VRS |  Email |Print

GMR Infrastructure Ltd has raised Rs. 2,000 Crore ($300 million) by selling foreign currency convertible bonds (FCCBs) to Kuwait Investment Authority (KIA), a sovereign wealth fund. This is the first transaction under the new regime for long-term external commercial borrowings notified by the Reserve Bank of India.
K Law acted as the legal counsel to GMR Infrastructure Limited. The team was led by Partners – Ajay Sawhney and Gautam Srinivas, along with Associate Partner Milind Jha. Clifford Chance acted as international legal counsel. The Clifford Chance team was led by Partner Rahul Guptan………………………………………..Full Article: Source

Posted on 11 December 2015 by VRS |  Email |Print

A delegation led by Chairman of the National Extractive Industries Transparency Initiative (EITI) Commission, member of the EITI International Board and the Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) Shahmar Movsumov is participating at the 31th EITI Board Meeting in Kiev, Ukraine.
At the last Board Meeting before the 2016 EITI Global Conference members discussed issues related to Validation process, internal governance and refinements to the EITI Standard. Board members have also offered their condolences to the members of Azerbaijan`s delegation on the tragedy which took place at the platform in Gunashli oil field………………………………………..Full Article: Source

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