Business briefs: Angola launches $5bn sovereign fund | Global Energy | ReNeuron stem cell plan

Published on 18/10/2012 00:00

The Republic of Angola yesterday officially launched the Fundo Soberano de Angola (FSDEA), a new sovereign wealth fund with $5 billion (£3bn) of assets under management.

The FSDEA will make investments in Angola and internationally in support of its mandate to promote the “economic and social development of Angola and generate wealth for the country’s future generations”.

Global Energy takes majority stake in Vertech

Global Energy Group, the Inverness-based company, yesterday announced its third deal in the Australian market in as many years.

The energy services business has bought a majority stake in Perth-based offshore services firm Vertech Group for an undisclosed sum.

Vertech supplies specialist access, inspection and maintenance packages to the oil and gas industry. The company will retain its local management team with the directors retaining a 20 per cent equity stake in the firm.

Global Energy’s chief executive, Iain MacGregor, last month said the firm was on course for 45 per cent sales growth this year after reporting turnover of £250 million in its last financial year.

Stroke stem cell trials ‘going to plan’

LIFE sciences company ReNeuron yesterday said its stem cell clinical trial for stroke patients at Glasgow’s Southern General Hospital continues to go to plan, with no adverse effects reported in any of the patients treated to date.

It added that its first five patients had benefited observably from the treatment and that the improvements were sustained in longer term follow-up.