Asharq Al-awsat English https://aawsat.com/english Middle-east and International News and Opinion from Asharq Al-awsat Newspaper http://feedly.com/icon.svg

Saudi Arabia’s PIF Acquires Stake in US Cruise Operator Carnival

Saudi Arabia’s PIF Acquires Stake in US Cruise Operator Carnival

Wednesday, 8 April, 2020 - 06:00
Carnival's stock has plunged, with the coronavirus halting operations for the near term. Reuters
Washington - Asharq Al-Awsat

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), on Monday disclosed an 8.2% stake in US Carnival Corp.


This comes as shares are at their best prices amid the economic repercussions that were caused by the coronavirus pandemic.


The stake of about 43.5 million shares is worth $369.3 million as of Friday's close, making the investment fund the second-largest investor in the world's biggest cruise line, according to Refinitiv Eikon data.


Carnival’s shares have lost more than three-quarters of their value so far this year due to the impact of the COVID-19 pandemic that has forced cruise ship companies to halt operations and suspend voyages, Reuters reported.


The news of its stake in Carnival on Monday sent the Miami, Florida-based company’s shares up as much as nearly 30%, amid a jump in the broader market.


Editor Picks

Multimedia