Friday 28th November 2014
NEWS TICKER: THURSDAY, NOVEMBER 27TH 2014: The Straits Times Index (STI) ended -8.70 points lower or -0.26% to 3340.96, taking the year-to-date performance to +5.56%. The FTSE ST Mid Cap Index declined -0.11% while the FTSE ST Small Cap Index declined -0.43%. The top active stocks were SingTel (-0.26%), DBS (-0.25%), ThaiBev (-4.38%), Suntec REIT (+0.26%) and OCBC Bank (+0.10%). The outperforming sectors today were represented by the FTSE ST Health Care Index (+0.47%). The two biggest stocks of the FTSE ST Health Care Index are Raffles Medical Group (-0.52%) and Biosensors International Group (+2.75%). The underperforming sector was the FTSE ST Basic Materials Index, which declined -2.14% with Midas Holdings ’ share price declining -5.09% and Geo Energy Resources’ share price gaining +2.33%. The three most active Exchange Traded Funds (ETFs) by value today were the IS MSCI India (+0.26%), United SSE 50 China ETF (-0.57%), STI ETF (+0.59%). The three most active Real Estate Investment Trusts (REITs) by value were Suntec REIT (+0.26%), Ascendas REIT (-0.86%), CapitaCom Trust (-0.89%). The most active index warrants by value today were HSI24400MBeCW141230 (-15.73%), HSI23800MBePW150129 (+6.45%), HSI23600MBePW141230 (+11.11%). The most active stock warrants by value today were DBS MB eCW150602 (+3.33%), UOB MB eCW150415 (+5.23%), UOB MB eCW150102 (+2.38%) - Moody's has withdrawn the rating of Rossiyskiy Kredit Bank's Caa3 long-term local- and foreign-currency deposit ratings, the Not Prime short-term deposit ratings and the E standalone bank financial strength rating (BFSR), equivalent to a caa3 baseline credit assessment. The ratings agency says the rating has been withdrawn for its own business reasons At the time of the withdrawal, the outlook on the bank's long-term ratings was negative while the standalone E BFSR carried a stable outlook - Malaysian builder MMC Corp Bhd said earlier today that it will list its power unit Malakoff Bhd (IPO-MALB.KL) in a deal bankers expect to raise more than $1bn dollars. The IPO, for up to 30.4% of Malakoff's capital, was deferred earlier this year and approval from the Securities Commission lapsed as a result. MMC, controlled by reclusive Malaysian tycoon Syed Mokhtar Al-Bukhary, will resubmit the application within one month and expects the deal to be completed by second quarter of 2015, according to a local stock exchange filing – According to local press report the newly minted Somalia Stock Exchange expects seven companies in the telecoms, financial services and transport sectors to list when it is set up in 2015. Somalia's economy is slowly recovering from more than two decades of conflict, although the government is still battling an Islamist insurgency. Amid the chaos, some businesses have thrived, including money transfer and mobile phone firms. The Somalia Stock Exchange has opened administrative offices in Mogadishu and other Somali centres like Kismayu, as well as in Nairobi, to help recruitment and in other related issues - Moody's has upgraded to Baa1 from Baa2 the long-term deposit ratings of China CITIC Bank International Limited, and affirmed the bank's P-2 short-term deposit ratings. The bank's senior unsecured MTN program rating and deposit note/CD program ratings are also upgraded to (P)Baa1/Baa1 from (P)Baa2/Baa2, while the short-term deposit note/CD program ratings are affirmed at (P)P-2. The bank's baseline credit assessment (BCA) is unchanged at baa3. The outlook on all the ratings is stable. The rating action concludes Moody's review for upgrade for China CITIC Bank International, which was initiated on September 2nd this year, after the senior unsecured bond rating of its ultimate parents CITIC Group Corporation and CITIC Limited (formerly CITIC Pacific Limited) were upgraded to A3 from Baa2. CITIC Group Corporation, wholly owned by China's Ministry of Finance, owns 78% of CITIC Limited, which in turn owns 67% of China CITIC Bank.

Actis launches Energy Impact Model

Tuesday, 07 February 2012
Actis launches Energy Impact Model Actis, the pan-emerging markets private equity investor, has today announced the launch of the Actis Energy Impact Model, a tool for assessing progress over the life of its energy investments. The Impact Model reportedly captures in a systematic way the key drivers that build value, and helps pinpoint where action is required. http://www.ftseglobalmarkets.com/

Actis, the pan-emerging markets private equity investor, has today announced the launch of the Actis Energy Impact Model, a tool for assessing progress over the life of its energy investments. The Impact Model reportedly captures in a systematic way the key drivers that build value, and helps pinpoint where action is required.

The model has been under development since mid-2010 and is based on the Five Capitals model developed by Forum for the Future, a leading sustainability NGO that works with the business community. The five capitals are finance, people, social/community, infrastructure and environment, to which Actis has added a sixth, namely governance. The firm has also worked with Forum and Imperial College to test and improve the model.

“Actis believes the capital it invests in the emerging markets should be transformational for society. This model enables that wider impact to be properly measured and adjusted, and helps us to measure the non-financial drivers of market value. The Impact Model will help to build value in our portfolio companies that is meaningful and increases the financial worth of each company,” explains Torbjorn Caesar, co-head Energy at the firm.



The Impact Model requires Actis and the management of its investee companies to score each investment twice a year on up to 63 criteria, both quantitative and qualitative. For example, under the category of Environment, a quantitative criterion would be GHG Emission, which is assessed by measuring distribution losses as a percentage of energy dispatched, while a qualitative criterion would be the Impact on Land rated on a scale of 1 to 5. The results can then used for benchmarking, annual planning, target setting and review by both Actis and the investee company’s executive team. The model can also be used as part of the initial investment decision.

“From our work with leading companies, we know that hardwiring sustainability into management processes (such as impact indicators) is a critical element in making that part of everything the business does,” notes Jonathon Porritt at Forum for the Future.

Initially, Actis will apply the model to all its energy investments, which may well result in further refinement of the metrics. The Impact Model is structured so that individual indicators can be changed and improved over time without disrupting the core of the model. The firm is confident that measuring the impact of its investments will drive long-term sustainable value, and has developed a similar framework to assess the non financial value drivers of its other investments, but the ultimate ambition is for the private equity industry more widely to take it up.

“Offering the Impact Model to other private equity firms to adopt is a brilliant act of leadership. Pioneering companies realise that their success relies on many others,” says orritt. “Actis can help the private equity industry shed some of its negative reputation, and open up the prospect of a private equity sector that directs its undoubted dynamism at generating returns from sustainable activities.”

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