Singapore to boost investment in Brazil

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BrazilSingapore’s sovereign wealth fund Government of Singapore Investment Corp is reportedly planning to open an office in Brazil’s capital Sao Paulo in 2014 as it increases investments in the South American nation.

According to Bloomberg, the fund is close to a deal to buy a 20 per cent stake in BR Towers SA, a Brazilian operator of mobile phone towers, and it teamed up with its affiliate Global Logistic Properties Ltd. and two other state funds in November 2012 to buy assets in Brazil for around $1.4 billion.

GIC has been expanding into emerging markets in the past and opened offices in India and China. Brazil will be the latest addition.

The company controls the world’s 8th biggest state fund with an estimated $248 billion of assets under management, according to the Sovereign Wealth Fund Institute.

Brazil’s economy, however, has been suffering from slow growth in the past, prompting rating agency Standard & Poor’s recently to downgrade the country’s credit rating to “negative” from “stable.”

The downgrade came after Brazil announced that its GDP  grew a less than expected 0.6 per cent in the first quarter of 2013 and that inflation jumped 6.5 per cent, the upper limit of the central bank’s target range, in the 12 months ending May 30, 2013.

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Reading Time: 1 minute

Singapore’s sovereign wealth fund Government of Singapore Investment Corp is reportedly planning to open an office in Brazil’s capital Sao Paulo in 2014 as it increases investments in the South American nation.

Reading Time: 1 minute

BrazilSingapore’s sovereign wealth fund Government of Singapore Investment Corp is reportedly planning to open an office in Brazil’s capital Sao Paulo in 2014 as it increases investments in the South American nation.

According to Bloomberg, the fund is close to a deal to buy a 20 per cent stake in BR Towers SA, a Brazilian operator of mobile phone towers, and it teamed up with its affiliate Global Logistic Properties Ltd. and two other state funds in November 2012 to buy assets in Brazil for around $1.4 billion.

GIC has been expanding into emerging markets in the past and opened offices in India and China. Brazil will be the latest addition.

The company controls the world’s 8th biggest state fund with an estimated $248 billion of assets under management, according to the Sovereign Wealth Fund Institute.

Brazil’s economy, however, has been suffering from slow growth in the past, prompting rating agency Standard & Poor’s recently to downgrade the country’s credit rating to “negative” from “stable.”

The downgrade came after Brazil announced that its GDP  grew a less than expected 0.6 per cent in the first quarter of 2013 and that inflation jumped 6.5 per cent, the upper limit of the central bank’s target range, in the 12 months ending May 30, 2013.

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