Monday, 5 November 2007

Burma disinvestment news

Things are happening, just not in the UK. A number of Danish funds are looking at flogging their holdings in companies linked to Burma. Not only French oil giant Total, but also Chevron in the US and the Chinese business Cinopec.

The excerpt below is from Pensions News:

ATP, PKA and Sampension have all announced plans to sell holdings in French oil company Total and US-based oil and gas firm Chevron, while PenSam is keeping a close eye on developments.

The DKK438bn (€58.75bn) Danish labour market pension fund ATP was the first to move, announcing plans to sell its DKK935m stake in Total and other smaller holdings in oil companies working directly with Myanmar Oil.

Pensionskassernes Administration (PKA), Denmark’s largest occupational pension fund administrator, will sell shares worth DKK65m (€8.65m) in Total and is evaluating its DKK160m holding in Chevron and DKK10m stake in Chinese oil company Cinopec.

Likewise, corporate pension fund Sampension will sell equities worth DKK88m in Chevron and DKK12m in Total having sold its equity investments in various Chinese oil companies which also co-operated with Myanmar Oil earlier this year.

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