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Li Ka-shing’s Power Assets to IPO HK Electric

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Hong Kong Billionaire Li Ka-shing controls Power Assets Holdings Ltd, an investment entity that invests in power and utility-related businesses. The business magnate is seeking to sell local regulated assets in favor of overseas regulated assets in Australia, Europe and parts of Southeast Asia.

Li is seeking to spin off Hongkong Electric Company, Hong Kong’s number #2 power supplier, into a single-investment trust. Having HK Electric structured as an investment trust will attempt to soothe investors since excess cash is pledged to be paid out in dividends. Starting operations in 1890, Hongkong Electric Company is an electricity duopoly. Li reduced the offering size of HK Electric, presenting a 50.1% stake versus the previously idea of 70%. This puts HK Electric’s offering at HK$ 27.91 billion.

Cornerstone Investors
Government-owned State Grid Corporation of China, China’s largest power distributor, will invest HK$ 10 billion for an 18% stake in HK Electric. In addition, the Oman Investment Fund will acquire a stake for HK$ 387.5 million.

Joint sponsors for the HK Electric listing include HSBC Holdings Plc and Goldman Sachs Group Inc.

Angolan Government Cancels Port Concession, Reviews Others

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Atlantic Ventures SA, which has ties to Isabel dos Santos (daughter to former Angolan president,) lost its concession rights to construct a US$ 1.5 billion port – the Barra do Dande port – near Luanda. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Egyptian Parliament Passes Draft Law on Misr Fund

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Egypt’s state news agency revealed the country is forming a sovereign wealth fund with initial capital of 5 billion Egyptian pounds, with 1 billion Egyptian pounds of that amount being immediately transferred from the Egyptian public treasury. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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