Norway’s Wealth Fund buys a stake in Tokyo Cement

Nov 16, 2015 (LBO) – Norway’s Norges Bank, which manages the world’s biggest sovereign wealth fund, has bought a stake in Tokyo Cement of Sri Lanka, the company’s interim filed in Colombo Stock Exchange shows. Norges Bank has bought 2,078,857 voting shares of Tokyo Cement, amounting to a 0.93 percent stake, and 6,269,466 non-voting shares or a 5.63 percent stake, according to the firm’s September quarter results. The Norges Bank bought 7.5 million shares in knit fabric maker Textured Jersey Lanka, in the month of October this year. Norges Bank Investment Management has close to a trillion dollars invested in global assets, a fund built from the country’s oil revenues. The fund is currently valued at 7.2 trillion Norwegian Kroner, or 835 billion dollars. Out of the fund, 9.1 percent is invested in emerging markets such as China, Taiwan and India, an investment allocation down from 9.8 percent last year. Among other funds, Wasatch Frontier Emerging Small Countries Fund which has assets of over one billion dollars increased their stake in Tokyo cement from 4.4 percent  in June  to 5.18 percent  in September 2015  holding 11,548,669 shares. The fund is head quartered in Salt Lake City, Utah of the United States.