Saudi sovereign fund discloses stakes in Citi, Boeing, Facebook
The U.S. Securities and Exchange Commission in Washington, D.C.
Adam Jeffery | CNBC
Saudi Arabia’s sovereign wealth fund, the PublicĀ Investment Fund (PIF), has purchased minority stakes in major U.S. companiesĀ including Boeing, Facebook and Citigroup, according to aĀ U.S. regulatory filing.
PIF disclosed a $713.7 million stake in Boeing, around $522 million inĀ Citigroup, a $522 million stake in Facebook, a $495.8 million stake inĀ DisneyĀ and a $487.6 million stake in Bank of America, theĀ Securities and Exchange filing on Friday showed. It also disclosed a small stakeĀ in Berkshire Hathaway.
PIF also disclosed an $827.7 million stake in oil company BP, whichĀ has American Depository Receipts (ADRs) listed in the United States.
The $300 billion Saudi sovereign fund has been buying minority stakes inĀ global companies, taking advantage of market weakness in the wake of theĀ coronavirus outbreak.
PIF was not immediately available to comment.
Last month it disclosed an 8.2% stake in coronavirus-hit Carnival Corp, sending the cruise operator’s shares nearly 30% higher.Ā
The Saudi fund earlier this year bought stakes in Royal Dutch Shell, Total, Eni and Equinor, a source familiarĀ with the transactions told Reuters on April 9.
PIF already has stakes in Uber Technologies and electric carĀ company Lucid Motors.
