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Singapore’s Sovereign Wealth Centers on Asia

trees_sovereign_wealthSingapore’s GIC Private Limited’s investment portfolio is currently 28% allocated to Asia, but recent investments committed by the sovereign fund, as well as announcements made by QFII, a quota program in mainland China, could skew that number higher.

In conjunction with Philippine-based Ayala Corp., the Singaporean sovereign wealth fund purchased DBS Group Holdings’ 9.9% stake in the Bank of the Philippine Islands (BPI), according to a release issued by the institutional investor. According to the report, the total transaction value was ₱29.6 billion (US$ 680.1 million), and the GIC and Ayala took 5.6% and 4.3% stakes, respectively.

Earlier in the day, reports were issued that a GIC backed company Greenko Group Plc. just finished a 51-megawatt wind project. The GIC invested £100 million (US$ 150 million) in the Hyderabad-based owner/operator of clean energy projects in May of this year. Greenko’s goal is to build about 2,000 megawatts of hydropower and wind energy by 2018.

Lastly, reports from Chinese news agencies have stated that the investment quota under the QFII program will rise from 1.5% of mainland China’s total market capitalization to 10%. The GIC already enjoys one of the highest quotas at US$ 1 billion. According to the Sovereign Wealth Fund Transaction Database, among countless investments in China, their investments include US$ 30 million in sports equipment manufacturer and retailer Li Ning.

SWFI First Read, November 19, 2017

Mubadala Petroleum Sees Opportunities in Mexican Upstream and Downstream

Mubadala Petroleum, a unit of Mubadala Investment Company, is studying investment opportunities in Mexico. The opportunity set is both in upstream in oil production, or in downstream sectors. Mubadala recently invested heavily in the Gulf coast.

OMERS-Backed CEDA International Corporation Acquires Joe Loomis Trucking

In 2005, Borealis Infrastructure, a unit of OMERS, had acquired CEDA International Corporation (then known as CEDA Holdings Limited) from Precision Drilling Corporation for C$ 274 million. CEDA International Corporation was moved into the portfolio holdings of OMERS Private Equity, another unit of OMERS. On November 16, 2017, CEDA International Corporation acquired Dawson Creek, British Columbia-based Joe Loomis Trucking Limited.

IMF Believes Kuwait Government Needs $100 Billion Over Next 5 Years for Gross Financing Needs

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Ontario Teachers’ Takes to the Seas with Atlantic Aqua Farms Acquisition

The Ontario Teachers’ Pension Plan (OTPP) has made its first investment in the rising aquaculture industry with the acquisition of Orwell Cove-based Atlantic Aqua Farms, Inc. (AAF) and its affiliated entities from San Francisco-based private equity firm Encore Consumer Capital, through its Encore Consumer Capital Fund L.P., for an undisclosed amount. Estimates of the deal’s value, however, place it at over C$ 100 million. Encore Consumer Capital put AAF for sale back in March 2017.

Based out of Canada’s Prince Edward Island, AAF is the largest grower and processor of the region’s famed blue mussels under the brand names Canadian Cove, Confederation Cove, and J.P.’s shellfish. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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UAE Prepares ADNOC Distribution IPO

The Abu Dhabi National Oil Company (ADNOC) embarked on plans to sell a minority stake of 10% or more in its fuel distribution unit in an initial public offering on the Abu Dhabi Securities Exchange (ADX) scheduled for December of 2017. ADNOC Distribution is the largest fuel distributor in the United Arab Emirates with 67% of the market share by number of retail service stations and benefits from a “stable and predictable” market-pricing regime, according to a company statement.

The offering will consist entirely of existing stock held by ADNOC. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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