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Khazanah is a Cornerstone Investor in Philippines Low-Cost Developer

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Malaysian sovereign wealth fund Khazanah Nasional Berhad has purchased nearly an 8% stake in 8990 Holdings Inc for RM 215 million (US$ 65.93 million). 8990 Holdings is an unlisted company that is a property developer in the Philippines. Through its sovereign wealth enterprise, Pasir Salak Investments Ltd, Khazanah agreed to be a cornerstone investor before 8990 Holdings’ upcoming share listing in the Philippine Stock Exchange.

8990 Holdings is a developer in socialized and economic housing, catering toward lower incomes in the Philippines. 8990 Holdings has sold over 26,000 housing units.

Deutsche Bundesbank to Slowly Add Renminbi into Foreign Reserve Mix

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Deutsche Bundesbank’s executive board made a decision to invest in Chinese renminbi in the summer of 2017 as part of its foreign currency reserves. The German central bank on January 15, 2018, confirmed it will start investing in Chinese renminbi and also consider investing in additional foreign currencies. The move mimics the European Central Bank (ECB), which already considers the Chinese renminbi as a reserve currency. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Bpifrance, CDB and Cathay Capital Launch Third Cross Border Fund

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Bpifrance, China Development Bank Capital Co., Ltd. (CDB Capital) and Cathay Capital agreed to launch Sino French Midcap Fund II. This is the second fund the group is launching after the €500 million Sino French Midcap Fund I from June 27, 2014. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Carillion Falls into Compulsory Liquidation

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U.K.-based Carillion plc, a construction and facilities management giant, has fallen into compulsory liquidation on January 15, 2018. In July 2017, the listed company issued a warning on its profits, while its CEO quit at the time. The company warned it was near a breach of debt covenants and was in need of a fresh capital injection. Carillion faced a downturn in new business, while dealing with expensive contract delays. U.K. lenders such as the Royal Bank of Scotland (RBS), Lloyds Banking Group and Barclays are facing the news of having hundreds of millions of pounds default.

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

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