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Saudi sovereign fund discloses stakes in Citi, Boeing, Facebook

Reuters - UK Focus
·1-min read

DUBAI, May 16 (Reuters) - Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has purchased minority stakes in major U.S. companies including Boeing, Facebook and Citigroup, according to a U.S. regulatory filing.

PIF disclosed a $713.7 million stake in Boeing, around $522 million in Citigroup, a $522 million stake in Facebook, a $495.8 milllion stake in Disney and a $487.6 million stake in Bank of America, the Securities and Exchange filing on Friday showed. It also disclosed a small stake in Berkshire Hathaway.

PIF also disclosed an $827.7 million stake in oil company BP , which has American Depstory Receipts (ADRs) listed in the United States.

The $300 billion Saudi sovereign fund has been buying minority stakes in global companies, taking advantage of market weakness in the wake of the coronavirus outbreak.

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PIF was not immediately available to comment.

Last month it disclosed an 8.2% stake in coronavirus-hit Carnival Corp< l, sending the cruise operator's shares nearly 30% higher.

The Saudi fund earlier this year bought stakes in Royal Dutch Shell, Total, Eni and Equinor, a source familiar with the transactions told Reuters on April 9.

PIF already has stakes in Uber Technologies and electric car company Lucid Motors. (Reporting by Saeed Azhar and Kanishka Singh; Editing by Andrew Heavens)