SWFI First Read, December 18, 2016
Posted on 12/18/2016
New Zealand Superannuation Fund to Commit up to NZ$ 260 Million to SMEs in NZ Companies
The New Zealand Superannuation Fund (NZ Super Fund) plans to invest up to NZ$260 million in small and medium-sized New Zealand companies over the next 5 to 10 years. The NZ Super Fund is investing up to NZ$90 million in Direct Capital’s V Fund, up to NZ$120 million into Pioneer Capital’s III Fund, and up to NZ$50 million into Movac’s IV Fund. The three mandates target different parts of the private equity market in New Zealand, with Direct Capital operating at the larger end of the growth spectrum, Pioneer targeting mid-market companies seeking international growth, and Movac focused on earlier stage, high growth technology companies. Each fund is expected to invest in between 8 and 15 individual companies.
Ukraine’s PrivatBank Becomes Nationalized
On December 18, 2016, the largest bank in the Ukraine is being nationalized. The Ukrainian government stated they are now the 100% owner of PrivatBank. PrivatBank has its headquarters in Dnipropetrovsk, in central Ukraine. Founded in 1992, the bank was a pioneer in the country being the first to introduce plastic cards and ATMs. Ihor Kolomoyskyi, a Ukrainian billionaire, had a combined 49.9816% ownership stake in the bank. He owned the shares through entities such as British Virgin Islands-based Fransiano Investments Limited and Limassol, Cyprus-based Triantal Investments Limited. Gennadiy Bogolyubov, a Ukrainian billionaire, also had a 41.5769% stake in the bank.
Oman MoF Moves Omantel Equity to OIF
Oman’s Ministry of Finance transferred its 51% equity ownership interest in Oman Telecommunications Company (Omantel) to the Oman Investment Fund (OIF). This equity transfer follows a series of government ownership moves to state-owned entities like the OIF.
STC Ventures Invests in Ride Sharing App Careem
On December 15, 2016, Saudi Telecom Company (STC) plans to invest US$ 100 million into Careem Networks FZ, a Dubai-based ride hailing app, for a 10% ownership stake. The investment is being made through STC’s venture capital unit called STC Ventures. Careem hired Credit Suisse to help them raise as much as US$ 500 million in capital. Saudi Arabia’s Public Investment Fund (PIF) has a 70% equity stake in STC and invested US$ 3.5 billion in ride hailing app Uber Technologies.
Michael Roberge to Become Sole CEO at MFS
Michael W. Roberge has been named the sole CEO of MFS Investment Management, effective January 1, 2017. Roberge and Robert Manning were co-CEOs of the firm. Manning is resigning from his role as CEO to become Executive Chairman at MFS Investment Management. Roberge became co-CEO at MFS in 2015. He has also been president and chief investment officer of MFS since 2010. He will retain those roles as he becomes sole CEO.
SABMiller to Sell Distell Stake to South Africa’s PIC
Belgium-based Anheuser-Busch InBev signed an agreement to sell its SABMiller’s 26.4% stake in South Africa-based Distell Group Limited to the Public Investment Corporation (PIC). This equates to 58,674,000 ordinary shares of Distell Group. Distell Group produces wines and ciders. The Competition Commission of South Africa (CompComa SA) made the Distell disposition a condition of the US$ 100 billion takeover of SABMiller by Anheuser-Busch InBev. Stellenbosch-based Remgro Limited and South Africa-based Capevin Holdings Limited hold roughly 53% of shares in Distell and have pre-emptive rights. Standard Bank and Deutsche Bank are acting as joint financial advisers to Anheuser-Busch InBev in connection with this transaction. Webber Wentzel is acting as legal counsel to Anheuser-Busch InBev. Deutsche Securities (SA) Proprietary Limited is the Johannesburg Stock Exchange (JSE) sponsor to Anheuser-Busch InBev.