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SWFI First Read, December 28, 2016

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Actis Disposes Remaining Stake in Umeme

London-based Actis, through its holding entity Umeme Holdings Limited (UHL), disposed its entire 14.3% minority stake, some 232,214,521 shares, in Uganda-based Umeme Ltd, an electricity distribution and supply company. Actis sold an over-subscribed block of 12% in Umeme to institutional investors including the Uganda National Social Security Fund (NSSF) as well as a number of international funds; subsequently, the remaining 2.3% stake was offered to domestic retail investors and Umeme management. In 2005, Actis, through UHL, originally invested in Umeme. In November 2012, UHL sold 39.9% of its stake in Umeme through an initial public offering (IPO) on the Uganda Securities Exchange. As of June 30, 2014, the Uganda National Social Security Fund had 231,722,771 shares in Umeme, owning 14.27% of Umeme at the time.

QIA Seeks to Refinance Milan Porta Nuova Properties

The cash-rich Qatar Investment Authority (QIA) has extensive exposure to a number of large properties in Milan. The QIA seeks to refinance its debts on two Milan properties in Porta Nuova, Milano Porta Garibaldi and Varesine. QIA has around a €1 billion in lines of credit from several banks including Banca Intesa Sanpaolo, Banca Popolare di Milano, BNP Paribas, and UniCredit. Mediobanca is the financial advisor for QIA regarding the refinancing.

Toshiba Corporation to Face Massive Write-Down on U.S. Nuclear Unit

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Saudi Aramco Contemplates SABIC Stake from PIF

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Oil giant Saudi Aramco is in early discussions on whether to pursue an ownership stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund (PIF). At the moment, Saudi Aramco has no plans to buy publicly-held shares of SABIC. SABIC was founded in 1976 by Saudi royal decree to convert oil by-products into useful chemicals, polymers, and fertilizers.

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SWFI First Read, July 19, 2018

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GIC Eyes Provenance Land

GIC Private Limited is nearing a deal to purchase up to 50% of Provenance Land. Provenance Land owns India’s first Four Seasons hotel.

Eduard van Gelderen Leaves UC Regents for PSP Investments CIO Role

Eduard van Gelderen exited his position as Senior Managing Director at the University of California Regents’ Office of the Chief Investment Officer. His role will not be replaced. He accepted an offer to be Chief Investment Officer of the Public Sector Pension Investment Board (PSP Investments).

PAAMCO Prisma Holdings CEOs to Exit

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Google Fined Big Time by EU Regarding Antitrust Violations

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The European Union (EU), through its competition commissioner, levied a €4.34 billion fine against Alphabet Inc., the owner of Google. The fine is over Google having “imposed illegal restrictions on Android device manufacturers and mobile network operators to cement its dominant position in general internet search,” according to the European Commission (EC).

The European Commission is requiring Alphabet to cease from its conduct that it is accused of within 90 days or face penalty payments of up to 5% of the average daily worldwide turnover of Alphabet, Google’s parent company.

Commissioner Margrethe Vestager, in charge of competition policy, said in a press release, “Today, mobile internet makes up more than half of global internet traffic. It has changed the lives of millions of Europeans. Our case is about three types of restrictions that Google has imposed on Android device manufacturers and network operators to ensure that traffic on Android devices goes to the Google search engine. In this way, Google has used Android as a vehicle to cement the dominance of its search engine. These practices have denied rivals the chance to innovate and compete on the merits. They have denied European consumers the benefits of effective competition in the important mobile sphere. This is illegal under EU antitrust rules.”

The EC press release added, “In particular, Google: 1. has required manufacturers to pre-install the Google Search app and browser app (Chrome), as a condition for licensing Google’s app store (the Play Store); 2. made payments to certain large manufacturers and mobile network operators on condition that they exclusively pre-installed the Google Search app on their devices; and 3. has prevented manufacturers wishing to pre-install Google apps from selling even a single smart mobile device running on alternative versions of Android that were not approved by Google (so-called “Android forks”).”

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