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GIC Private Limited Subscribes to Green Dragon Gas Convertible

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.

Turkey Wealth Fund Corrals Investors Toward Domestic Projects

The Turkey Wealth Fund is continuing talks with other global asset owners and financial institutions to lure capital toward projects and assets within the country. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ardian Auctions Off €1 Billion in Infrastructure Assets to APG

French private equity giant Ardian has auctioned off an undisclosed stake in a portfolio of European infrastructure assets valued at €1 billion to Dutch asset owner manager APG Investments. APG, which first invested in the portfolio in 2006, plans on buying out partnership interests in the portfolio held by other investors. French multinational insurance firm AXA SA will retain its stake as a co-owner of the portfolio alongside APG, with Ardian staying on as asset manager and advisor. The transaction remains subject to regulatory approval.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Tribal Council Approves Cherokee Nation Sovereign Wealth Fund Act

Tahlequah, Oklahoma-based Cherokee Nation Tribal Council approved the creation of the Cherokee Nation Sovereign Wealth Fund Act to establish a fund to ensure the continuation of tribal operations and the general welfare of tribal citizens.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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