Friday SWFI News Roundup, December 30, 2016
BIG DEAL: RBI Approves Fairfax Financial’s Bid to Buy Domestic Indian Bank
The Reserve Bank of India (RBI) approved Canadian billionaire Prem Watsa’s Fairfax Financial Holdings Ltd. ‘s bid to acquire a 51% ownership stake in Thrissur, Kerala-based Catholic Syrian Bank Ltd. This is a milestone deal because this is the first time the RBI allowed an overseas investor to acquire a majority stake in a domestic bank. Catholic Syrian Bank was founded in November 1920. At the end of March 2016, Catholic Syrian Bank had 156.5 billion INR in assets.
Hans Tietmeyer Dies at Age of 85
Hans Tietmeyer was the head of Germany’s Bundesbank from October 1993 to 1999, known as the “high priest of the D-Mark”. He was the last president of the central bank presiding under the Deutsche Mark before the move to the euro currency. Tietmeyer had joined Bundesbank in 1990. Tietmeyer passed at the age of 85 on December 27, 2016.
Malaysian Technology Development Corporation Invests in New Shares of Green & Smart Holdings
On December 20, 2016, Green & Smart Holdings plc, a renewable energy company generating power from biogas captured through the treatment of Palm Oil Mill Effluent (POME) in Malaysia, has raised about 6 million MYR (£1.14 million) through the issue of new ordinary shares, totaling 10,761,367 shares, to Malaysian Technology Development Corporation Sdn Bhd. Malaysian Technology Development Corporation is a sovereign wealth enterprise (SWE) of Khazanah Nasional and is in charge of promoting the adoption of technologies by local companies via commercialization of research & development or acquisition of foreign technologies. The new shares were issued at an effective price per share equivalent to approximately 10.62 pence. Following admission, Malaysian Technology Development Corporation will hold 19,476,367 shares in Green & Smart Holdings, amounting to 6.78% of the enlarged issued share capital of Green & Smart Holdings.
Qatar Airways Bags 10% Stake in LATAM Airlines Group
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