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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.

China’s Central Bank Creates Macro-Prudential Management Bureau

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The People’s Bank of China (PBOC) created a new department to oversee and attempt to eliminate financial risks to the system. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Like its U.S. Peers, Legg Mason Seeks to Trim Costs

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Legg Mason Inc., a Baltimore-based asset manager, has announced a reduction in workforce as is prepares to streamline operations and save money. Legg Mason’s leadership commented that assets under management fell 5 % year-on-year. Legg Mason currently manages US$ 727.2 billion (as of December 31, 2018), which is down from the previous US$ 767.2 billion. CEO Joseph A. Sullivan noted that a global operating platform will centralize fund administration, IT, and other departments that work with affiliates. Sullivan did not discuss the number of layoffs expected, or specify which areas would be impacted. Legg Mason disclosed they planned to close a quarter of its exchange-traded funds in March 2019. These three ETFs include a U.S. strategy, emerging markets, and a developed markets strategy outside the U.S. However, these funds run around US$ 28 million in assets under management.

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

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Monetary Authority of Singapore Establishes Corporate Governance Advisory Committee

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On February 12, 2019, the Monetary Authority of Singapore (MAS) revealed the creation of a Corporate Governance Advisory Committee (CGAC). CGAC was formed to advocate for good corporate governance practices among listed companies in Singapore. Bobby Chin, Director of Singapore Telecommunications Limited, will be the Chair of CGAC. According to a MAS press release, “CGAC will identify current and potential risks to the quality of corporate governance in Singapore.”

MAS formed the Corporate Governance Council (Council) in February 2017. The Council was dissolved after it pushed out a publication of its final recommendations on August 6, 2018.

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