6th Apr 2020 17:19
(Alliance News) -Â Saudi Arabia's Public Investment Fund has taken a sizeable stake in Carnival PLC, a US regulatory filing showed on Monday.
The Public Investment Fund - the sovereign wealth fund of Saudi Arabia - now holds a 8.2% stake in cruise operator Carnival, or 43.5 million shares.
The date of the event which triggered the regulatory filing was denoted as March 26, meaning the fund's stake exceeded 5% on this date.
Carnival has been hit hard by the global Covid-19 pandemic, with port restrictions around the world forcing the company to halt cruise operations and offer refunds to customers.
Carnival shares closed up 16% at 716.00 pence in London on Monday, though the stock remains down 80% in the year-to-date. In New York, the stock was up 21% at USD10.28 on Monday.
By Lucy Heming;Â [email protected]
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