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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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Rumors Swirl Around PIF Looking at Tesla Rivals

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Saudi Arabia’s Public Investment Fund (PIF) could be doubling down on electric automobile manufacturers. It was revealed that PIF has a sizeable stake in Tesla Inc. Elon Musk’s recent tweets have stirred up financial media and has even prompted an SEC probe.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DLF-GIC to Kick in Rs 12.5 Billion for Midtown Project

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Indian real estate giant DLF, which has worked with Singapore’s GIC Private Limited in the past, is working on a new housing project in central Delhi dubbed Midtown. Large residential real estate projects in India’s capital are difficult to come by. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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QIA-Glencore Stake Valued at 7.4 Billion euros

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QHG Oil Ventures is selling a 14.2 % stake in Moscow-based Rosneft for €7.4 billion (US$ 8.4 billion) to the Qatar Investment Authority (QIA). This is according to a QHG financial statement. QHG Oil Ventures is a joint venture between the Qatar Investment Authority and Glencore, a Swiss-based, broad-spectrum mining and commodity company. QHG Oil Ventures was originally formed to invest in Rosneft. QHG purchased a 19.5 % stake in the company in 2016, in a deal that supplied Russia with needed funding at the time, and the estimated value of the investment has remained steady. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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