Fortis said in a separate statement it had approved conversion of warrants into equity.
JPMorgan (JPM.N) and Citigroup (C.N) are advising GIC, the Government of Singapore Investment Corp, on the deal, one of the sources said.
Yanlord Land Group says Yanlord Land Pte Ltd (YLPL) has entered into a joint venture with an affiliate of GIC Real Estate (GICRE) to set up a new subsidiary for the development of a prime residential development site in Panchenggang, Jinjiang district in Chengdu.
GICRE’s affiliate, Reco Yizhong Private Limited, will own 75% of Yanlord Property Investments Pte Ltd, while YLPL will own the remaining 25% interest.
The project has a total planned gross floor area of about 390,658 square metres.
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The deal, which is set to be the biggest IPO in Singapore since CapitaMalls Asia (CMAL.SI) raised US$2 billion late last year, will allow the world’s fourth-biggest sovereign fund to raise cash for more investments.
The deal will allow the world’s fourth-biggest sovereign fund to raise cash for more investments. The US$300 billion fund has been more active in dealmaking in recent months after it reduced its exposure to equities at the start of the credit crisis.
Singapore sovereign wealth fund GIC will convert 11 billion Swiss francs ($14.54 billion) worth of UBS (UBSN.VX) notes into shares next month at a price that may erode the value of its stake in the Swiss bank by 70%.
The Government of Singapore Investment Corp (GIC), which manages over US$200 billion in assets, was one of the first sovereign funds to pump billions into Western banks, which were rocked by the financial crisis and suffered deep losses.
New York-based travel service company Travelport launched a US$2 billion ($2.8 billion) initial public offering (IPO) yesterday to cut debt, with more IPOs on the way as private equity houses seek to offload companies they own.
The Government of Singapore Investment Corp (GIC) will buy US$225 million worth of new shares at the same time as the IPO, which will give it a 7.19% stake in the firm.
Government of Singapore Investment Corp., manager of more than US$100 billion ($139 billion) of the city-state’s foreign reserves, said emerging markets will become a leading source of investment and credit as Western economies take longer to recover from the financial crisis.
Government of Singapore Investment Corp., manager of more than US$100 billion ($134 billion) of the city-state’s foreign reserves, reported losses from its investment in Manhattan’s largest residential enclave.
Tishman Speyer Properties LP and BlackRock Inc. said on Jan. 8 they missed a bond payment tied to their US$5.4 billion purchase of the 80-acre property, which includes Stuyvesant Town and Peter Cooper Village apartments. Missing the payment puts the property on course to become the second-largest default in a commercial mortgage-backed security in the US.
“GIC recognised the losses following the ruling by the New York Court of Appeals in October 2009, which precipitated the default,” a spokeswoman for the sovereign wealth fund told Reuters.
“We are thinking about this already because you have to,” Tan told Taiwan’s Commonwealth Magazine. A transcript of the interview was published in The Straits Times newspaper today.
Glencore International AG, the biggest commodity trader, sold as much as US$2.2 billion ($3.1 billion) of convertible bonds to investors including BlackRock Inc. in what may be the first step toward an initial public offering.
The bonds, which are due December 2014, are convertible into Glencore shares upon an IPO or “other pre-determined qualifying events,” the Baar, Switzerland-based trader said today in an e-mailed statement.
