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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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CalPERS CFO Out over Questions on Resume from Media

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Charles Asubonten has exited as Chief Financial Officer of the California Public Employees’ Retirement System (CalPERS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Crown Court Dismisses Charges on Barclays Qatar Loan Deal

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Barclays can breathe some fresh air for now over a high-profile corporate case. In February 2018, the U.K. Serious Fraud Office (SFO) had brought charges against Barclays and Barclays Bank in regard to the capital raising deals made in 2008. The bank could have lost its banking license, if found guilty of the charges. A number of bank executives were personally charged as well.

The Charges

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Mubadala Participates in PLT Platform Expansion

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The Russian Direct Investment Fund (RDIF) corralled a number of Middle Eastern funds, including the Mubadala Investment Company, to augment investment exposure to a logistics infrastructure investment platform called Professional Logistics Technologies (PLT). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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