Saudi Fund’s Bargain Buy of Carnival May Turn Out to Be Pricey - Bloomberg:
Even after a 20% jump in Carnival Corp. shares, Saudi Arabia’s bet on the world’s biggest cruise operator is still in the red.
The kingdom’s sovereign wealth fund had built an 8.2% stake in Carnival by March 26, when the stock closed at $17.82, valuing the holding at about $775 million. The shares ended the day Monday, when the Saudi purchase was disclosed, at $10.21.
Carnival also announced a stock offering on April 1 that priced new shares at $8 each.
Saudi Arabia’s $320 billion sovereign wealth fund, run by Governor Yasir Al-Rumayyan and controlled by Crown Prince Mohammed bin Salman, has made a series of bold investments in recent years.
Even after a 20% jump in Carnival Corp. shares, Saudi Arabia’s bet on the world’s biggest cruise operator is still in the red.
The kingdom’s sovereign wealth fund had built an 8.2% stake in Carnival by March 26, when the stock closed at $17.82, valuing the holding at about $775 million. The shares ended the day Monday, when the Saudi purchase was disclosed, at $10.21.
Carnival also announced a stock offering on April 1 that priced new shares at $8 each.
Saudi Arabia’s $320 billion sovereign wealth fund, run by Governor Yasir Al-Rumayyan and controlled by Crown Prince Mohammed bin Salman, has made a series of bold investments in recent years.
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