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

Carnival's stock has plunged, with the coronavirus halting operations for the near term. Reuters

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, the coronavirus pandemic caused.

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

Carnival’s shares lost more than three-quarters of their value so far this year due to the COVID-19 pandemic. The pandemic 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.