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Opalesque Sovereign Wealth Funds Briefing | Current Issue
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Sovereign Wealth Funds Briefing 22.Jun 2016

Posted on 22 June 2016 by VRS |  Email |Print

India eased rules for foreign investment in the country’s aviation sector in a bid to boost air travel and develop new airports in Asia’s third-largest economy. Indian carrier IndiGo’s CEO Akbar Al Baker had earlier said Qatar attempted to invest at the time of IndiGo’s IPO but government regulations and lack of time prevented the country’s sovereign wealth fund from doing so.
“We had to do it with our parent company, and our parent organisation, which is our sovereign fund, and to do that, we needed more time and the time was too short for us to move on this,” Al Baker said………………………………………..Full Article: Source

Posted on 22 June 2016 by VRS |  Email |Print

GIC, Singapore’s sovereign wealth fund, is in talks to sell two buildings in Paris’s central business district valued at about 500 million euros ($756 million) to Societe Generale’s insurance unit, according to people with knowledge of the discussions.
The adjacent properties, on Rue d’Astorg and Rue de la Ville-l’Eveque, include the French headquarters for law firm Clifford Chance LLP, said the people, who asked not to be identified because the deal has not yet been completed and could still fall apart. Spokesmen at GIC, Societe Generale and Clifford Chance declined to comment………………………………………..Full Article: Source

Posted on 22 June 2016 by VRS |  Email |Print

Temasek Holdings has pared its stake in China Construction Bank (CCB), the lender said in a filing to the Shanghai Stock Exchange. Temasek unit Fullerton Financial Holdings sold 555 million Hong Kong-listed shares of CCB at HK$5.01 (87 Singapore cents) apiece on June 16, for HK$2.78 billion in total.
According to the filing, Fullerton owned 5.03 per cent of China Construction Bank before the sale and 4.81 per cent after. Temasek has been a long-time shareholder of CCB, participating in its pre-initial public offering round in 2005 with a US$1 billion investment………………………………………..Full Article: Source

Posted on 22 June 2016 by VRS |  Email |Print

Shares of China Construction Bank (CCB) are moving in a narrow range on the Hong Kong stock market. Selling of CCB shares increased after the bank on Monday announced that Temasek Holdings, a Singapore sovereign wealth fund, has sold 555 million CCB shares, or 0.22% of the bank’s outstanding shares.
As a result, Temasek’s stake in CCB has dropped to 4.81% from 5.03%. CCB made the announcement after the end of the day’s trading, saying Temasek made the move to help balance its shareholdings………………………………………..Full Article: Source

Posted on 22 June 2016 by VRS |  Email |Print

National Bank of Abu Dhabi PJSC and First Gulf Bank PJSC, the two largest banks in the oil-rich emirate of Abu Dhabi, said on Sunday that they’re in early stage merger talks. Given both NBAD and FGB’s ties to the government — NBAD is 69 percent owned by sovereign wealth fund Abu Dhabi Investment Council — political will is paramount to the deal’s successful conclusion.
The creation of a new regional banking powerhouse would also coincide with Abu Dhabi’s ambitions to boost its status as a finance hub. A combination would create a regional powerhouse with assets of about $170 billion and a larger market valuation than Deutsche Bank AG and Credit Suisse Group AG………………………………………..Full Article: Source

Posted on 22 June 2016 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $50 million to 28 banks through an auction held by the Central Bank of Azerbaijan (CBA), SOFAZ said June 21.
SOFAZ will continue selling foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016. SOFAZ was established in 1999 with assets of $271 million………………………………………..Full Article: Source

Posted on 22 June 2016 by VRS |  Email |Print

The Saskatchewan government’s failure to act on a three-year-old report recommending the establishment of a sovereign wealth fund is a “real missed opportunity,” according to the interim leader of the Opposition NDP.
“It’s frankly unacceptable that we’ve come through a decade-long period of record revenues without having any long-term savings,” said Trent Wotherspoon, who was appointed interim leader of the Saskatchewan NDP in April………………………………………..Full Article: Source

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