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GIC Private Limited Subscribes to Green Dragon Gas Convertible

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Green Dragon Gas Ltd., a producer and distributor of Coal Bed Methane (CBM) to China, launched a convertible bond facility up to US$ 100 million. The first tranche of US$ 35 million has been subscribed by Singapore’s GIC Private Limited. The last tranche is expected to be issued on or before January 31, 2014.

The convertible bond is unsecured with a 7 percent coupon. The bond is due December 2015 and is convertible into ordinary shares at a conversion price of US$ 6.06 per share.
The tranche capital will be used for Green Dragon’s 2014 LiFaBriC drilling plan and working capital needs.

From the press release, Jason Triplitt, head of European equities, GIC Asset Management, stated: “GIC sees long term value in the Coal Bed Methane (CBM) industry in China, GDG’s extraction methodologies, gas resources and the further development of its licence blocks. We look forward to our investment into the company benefitting from its continued growth and crystallization of value after a decade of effort and experiences in the China CBM sector.”

On December 12, Green Dragon entered into a binding Memorandum of Undersatnding (MoU) with Petrochina Company Ltd. confirming its participating interests in the Chengzhuang block, a block included within the Shizhuang South Production Sharing Contract.

Saudi Aramco and PIF See Opportunities in Russia

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Saudi Arabia’s Public Investment Fund (PIF) is currently exploring opportunities within Russia. PIF is working with the Russian Direct Investment Fund (RDIF) on a number of fronts. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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HNA Group Aims to Shrink and Sell

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Chinese conglomerate HNA Group is on a selling spree due to an order from the government in Beijing to scale back on debt. HNA Group joins Anbang Insurance Group and Dalian Wanda Group in deleveraging from global assets, particularly in hotels and real estate. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Central Bank of Hungary Buys Mounds of Gold

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In October, the Central Bank of Hungary (MNB) boosted its gold reserves by 10 times, from 3.1 tons to 31.5 tons. This was revealed on October 16, 2018. The gold acquired by the central bank in October has a holding value of US$ 1.24 billion.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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