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Qatar Sells Barclays Warrants, Maintains 6.7% Stake

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Qatar Holding LLC formally made plans to sell Barclays Plc shares as the sovereign wealth enterprise (SWE) of the Qatar Investment Authority (QIA) rids itself of their remaining warrants. 379 million units of Barclays warrants have been monetized by Qatar Holding LLC. The SWE remains the largest shareholder of Barclays Plc with a 6.65% stake.

Since October 2008, after Barclays’ announced plan to raise £7 billion of capital, shares of Barclays Plc climbed around 42%. This capital came from Gulf investors from Abu Dhabi and Qatar. At the time, the UK Financial Services Authority increased capital targets for all UK banks. Barclays wanted to avoid a United Kingdom government bailout and wanted to remain independent. Barclays Plc did not want government meddling in their operations as the UK government would most likely influence the strategic direction of the bank. Later that year in 2009, Qatar Holding sold a £1.4 billion stake in Barclays after warrant conversions.

On November 25, 2012 in a separate statement, “We remain a supportive strategic investor in Barclays, and maintain our confidence in the long-term prospects for the business,” Qatar Holding Chief Executive Officer Ahmad Al-Sayed said.

GIC Buys Large Stake in Nordic Aviation Capital

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Singapore’s GIC Private Limited, a yield-hungry sovereign investor, invested in Denmark-based Nordic Aviation Capital A/S, becoming a significant minority shareholder. Other shareholders in Nordic Aviation Capital include EQT VI Limited fund, KIRKBI Invest (wealth origins tied to Legos), and Martin Møller, the founder of Nordic Aviation Capital. EQT VI will remain the largest shareholder of Nordic Aviation Capital. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Trump Wants Pharma Companies to Disclose Drug Prices in Advertisements

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U.S. President Trump is progressing on plans to mandate pharmaceutical companies to reveal their prices in drug advertisements. “The drug industry remains resistant to providing real transparency around their prices, including the sky-high list prices that many patients pay,” Health and Human Services Secretary Alex Azar said in a statement. “So while the pharmaceutical industry’s action today is a small step in the right direction, we will go further.”

The U.S. Health and Human Services Department would require pharmaceutical companies to include drugs’ sticker prices in their video advertisements. This would be similar to how drug companies disclose the laundry list of side effects.

Increasingly, sovereign funds like Temasek Holdings have backed mid-stage pharmaceutical companies and other therapies, while market investors like Norway’s GPFG have large holdings in listed pharmaceutical companies.

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Kazatomprom Treads Closer to IPO

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Kazatomprom is the world’s biggest uranium producer, accounting for around 20% of production market share. The company is moving forward on floating up to a 25% company stake for its planned initial public offering in London and Astana, Kazakhstan. Kazatomprom’s IPO plans are subject to market conditions. The global market price of uranium generated significant price gains year-to-date through almost three quarters. So far, during 2018, the uranium spot price has moved from US$ 20 per pound to US$ 27 per pound.

Kazatomprom’s sole shareholder is Samruk-Kazyna. Samruk-Kazyna would retain at least a 75% stake in the company.

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Credit Suisse and JPMorgan are joint global coordinators and joint bookrunners for the share offering. China International Capital Corporation, Halyk Finance, and Mizuho International plc were joint bookrunners.

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