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Singapore’s GIC Increases Investment in Li Ning Co

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Asian sovereign wealth funds are keen on China’s growing retail consumer sector. Both of the Singapore SWFs have a deep history investing in China.  On January 20, 2012, an affiliate of the Government of Singapore Investment Corporation Pte Ltd and TPG Capital will invest in convertible bonds in Hong Kong-listed China sportswear brand Li Ning Co. Ltd. Singapore’s GIC already holds around 63 million ordinary shares in capital in Li Ning Co. Ltd.

Convertible Bonds Subscription
5-Year Convertible Bonds
4% Annual Interest Rate
TPG Capital – RMB561 million – (approximately HK$690 million)
GIC Affiliate – RMB189 million – (approximately HK$232 million)

Assuming the convertible bonds are fully converted, GIC will hold approximately 93 million ordinary shares, representing approximately 8% of the total enlarged share capital in Li Ning Co. Ltd.

Tom Gores Wants Some Credit Game

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Traditional buyout firms are looking at building credit platforms to enhance revenue. Recently, Platinum Equity, a buyout firm run by Tom Gores that was formed in 1995, hired Michael Fabiano to help spur the formation of a credit investing division. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Saudi Arabian Military Industries Forms Venture with Navantia

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State-owned Saudi Arabian Military Industries (SAMI) signed a deal with Navantia, a Spanish state-owned shipbuilding company, to form a joint venture to construct five warships – the building of five Avante 2200 Corvettes. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Katara Hospitality and AccorHotels Eye Sub-Saharan Africa Hotel Market

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Katara Hospitality, a hotel operator and owner unit of the Qatar Investment Authority (QIA), and AccorHotels are taking a bet on the hotel market in sub-Saharan Africa. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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