Singapore to boost investment in Brazil

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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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. 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...

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.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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