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Temasek Invests in Strategic Development Deal in Penang

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Singapore’s Temasek Holdings is investing in a development for a technology park and business process outsourcing (BPO) hub in Penang, a populous state in Malaysia. The two projects are called Penang International Technology Park, located in Batu Kawan, and Business Processing Outsourcing Prime, located in Bayan Baru. Together the price tag is US$ 3.52 billion and will take 5 to 10 years to complete.

Penang wants to be a major BPO hub competing against the Philippines and India.

To fund the project, a joint venture is being created with the Malaysia Penang Development Corporation (PDC), a development agency of the Penang government, and Economic Development Innovations Singapore Pte Ltd , a city development management company, and Temasek Holdings. The memorandum of understanding was signed on May 23, 2014. The Penang Development Corporation will hold a 51% stake in the development. Temasek and other investors will hold the remaining stake.

ADIA Seeks to Sell KIC Headquarters

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The Abu Dhabi Investment Authority (ADIA) is seeking to sell the building that houses the headquarters of the Korea Investment Corporation (KIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BMO and OTPP Test Blockchain Canadian Dollar Debt Deal

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The Bank of Montreal (BMO) and the Ontario Teachers’ Pension Plan (OTPP) participated in a landmark blockchain Canadian-dollar debt transaction. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Just Group Acquires Corinthian Pension Consulting

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Just Group plc acquired a 75% ownership stake in the holding company of Corinthian Pension Consulting Limited (Corinthian Pension Consulting). Operating in the institutional world for over 12 years, Corinthian Pension Consulting provides advisory services to defined-benefit pension scheme trustees and scheme sponsors undertaking bulk scheme exercises. The remaining 25% will be retained by current shareholders of Corinthian Pension Consulting. Robert MacGregor will continue to lead Corinthian Pension Consulting, as its Chief Executive Officer. Furthermore, Corinthian Benefits Consulting Limited and Corinthian Affinity Solutions Limited will continue to operate as before, becoming part of a newly formed holding company, Corinthian Group Holdings Limited.

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