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Minggu, 20 Desember 2009

cic mengurangi DAYA SERAP PORTOFOLIO ... 201209

Selasa, 22 Desember 2009 | 09:39
BEIJING. Hu Xiaolian Deputi Gubernur Bank Sentral China atawa Peole's Bank of China menyatakan belum mengetahui rencana suntikan dana sebesar US$ 200 miliar kepada perusahaan investasi pemerintah China yakni China Investment Corp. (CIC).
Sebelumnya beredar kabar bahwa permerintah China akan memberikan suntikan kepada CIC sebesar US$ 200 miliar dengan menggunakan cadangan devisa China, yang kini telah mencapai US$ 2,27 triliun. Hu memberikan tanggapan atas pertanyaan wartawan mengenai kabar suntikan dana ke CIC tersebut pada elasa (22/12).

Syamsul Ashar Bloomberg

CIC to Limit Investments to $100 Million on Staff Shortage

By Bloomberg News

Dec. 18 (Bloomberg) -- China’s sovereign wealth fund said it will typically invest in companies worth at least $1 billion and take stakes of no more than 10 percent as staff constraints curb its ability to conduct due diligence.

China Investment Corp., which held almost $300 billion in assets at the end of last year, is a financial rather than a strategic investor, the sovereign fund’s President Gao Xiqing, who is also chief investment officer, said at a conference in Beijing today.

“We call ourselves a financial investor because a strategic investor implies the purpose of the investment is more than just making money,” he said. “Typically, each of our investments is at least $100 million as we have limited staff to do due diligence. If we usually buy stakes up to 10 percent, the value of the company we buy will be more than $1 billion.”

The Beijing-based fund pumped about 10 percent of the $110 billion CIC has allocated to overseas investments into resource- related companies from Canada to Kazakhstan this year to support expansion in the world’s fastest-growing major economy. CIC lost money on investments in Morgan Stanley and Blackstone Group LP bought as the credit freeze sent shares of financial institutions worldwide tumbling.

In some cases, such as recent investments in energy, infrastructure and power projects in developed markets, the sovereign fund took stakes of as much as 20 percent, Gao said today.

“Stakes were no more than 20 percent in each,” he told the conference. “If we limited our stakes to 10 percent, we sometimes need to find some other investors for the remaining several percentage point stakes. That will make a transaction more complicated and will greatly affect our interests.”

AES, Nobel Oil

Declining asset prices after the worst market rout since World War II prompted the sovereign fund to quicken spending on energy, minerals and real estate assets in the second half, the fund’s chairman Lou Jiwei told a forum Oct. 28 in Beijing.

The biggest deal for CIC this year was a $2.2 billion investment for a 15 percent stake in Arlington, Virginia-based AES Corp. and its wind-generation business, announced in November. The fund acquired an 11 percent stake in a unit of Kazakhstan’s state-run energy company in late September, two weeks before snapping up 45 percent of Nobel Oil Group of Russia.

It bought an 11 percent stake in Astana, Kazakhstan-based JSC KazMunaiGas Exploration Production for about $939 million, it said Sept. 30. A week earlier it acquired $1.9 billion of debt from Jakarta-based Pt Bumi Resources, Indonesia’s biggest coal producer, and paid $850 million for a 15 percent share in Noble Group Ltd., a Hong Kong-based commodity supplier.

The fund plans to apply for at least $200 billion in new funds from the Chinese government, the Economic Observer reported Nov. 21, citing a person it didn’t identify.

CIC’s creation in 2007 was funded by an initial $200 billion chunk of the nation’s foreign-exchange reserves, which have surged nearly 60 percent since then to $2.3 trillion at the end of September.

--Belinda Cao. Editors: Malcolm Scott, Andreea Papuc

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