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Progress on Kazakhtelecom’s Overseas Listing

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Kazakhstan’s largest telecoms operator reportedly hired JP Morgan and Russian investment bank VTB Capital to lead its international listing alongside a floatation on Kazakhstan’s newest exchange, set to open in the country’s capital of Astana this July. The stake sale of Kazakhtelecom JSC – of which 52% is owned by Kazakh sovereign wealth fund Samruk-Kazyna – comes as the 18th largest oil producing country in the world embarks on a privatization drive aimed at shoring up its budget shortfalls against collapsing commodity prices by offering up some of its most valuable state-owned enterprises to investors at home and abroad.

With a presence on Kazakhstan’s primary bourse in Almaty and an estimated market capitalization of some 308 billion tenge (US$ 937 million), Kazakhtelecom is the first of nine major state-owned companies being prepared to list no stakes of less than 25% by the Ministry of National Economy, which hopes to reduce the government’s investments in the country by 15% by 2021. Under recommendation from Rothschild & Co. – which advises the National Bank of Kazakhstan – ministry officials are currently considering proposals for a two-step plan that would see small strategic stakes sold off to interested multinational investors in a pre-IPO round that would serve to boost share value during a public listing in either London or Hong Kong.

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MAS Seeks to Commit $5 Billion to Private Equity and Infrastructure Managers

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From U.S. pension funds to asset-heavy sovereign wealth funds, Singapore is calculating that more institutional investor assets globally are being committed to the Asia region. The Monetary Authority of Singapore (MAS), Singapore’s central bank, signaled and planned to commit US$ 5 billion with locally-based fund managers who will invest in private enterprises and infrastructure projects. The beneficiaries of the mandates will be private equity and infrastructure fund managers. MAS is seeking to lure top global asset managers to Singapore and firms that have a significant footprint in Singapore could be eligible for the funds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ivanhoe Cambridge Acquires Cap Ampere Campus from Natixis

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In one of the largest transactions in the French office sector, Ivanhoé Cambridge, real estate subsidiary of Caisse de dépôt et placement du Québec (CDPQ), has acquired a 90,000 square meter office-building campus from Natixis, in the Greater Paris area of Saint-Denis Pleyel. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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GIC Supports CapitaLand Shanghai Investment on Haimen Road

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GIC Private Limited, Singapore’s sovereign wealth fund, has entered into a 50:50 joint venture with Raffles City China Investment Partners III (RCCIP III), a fund controlled by CapitaLand. The joint venture is acquiring Shanghai’s tallest twin towers for an aggregate consideration of RMB 12.8 billion (US$ 1.84 billion). The property is located in Shanghai’s core Central Business District.

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