Carnival Shares Climb After Saudis Buy 8.2% Stake in Cruise Line

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

Carnival Corp.  (CCL) – Get Report shares jumped after the Saudi sovereign investment fund disclosed a stake of 8.2%, or 43.5 million shares, in the cruise line .

The Saudi Public Investment Fund is now the third largest stakeholder in the company, which has a market cap of about $7 billion.

The investment fund’s stake in the company is valued at nearly $370 million.

While the timing of the fund’s investment is unclear, the fund did not own any Carnival stock as of its fourth-quarter SEC filing, Barron’s reported.

According to the latest filing, the fund’s investment in Carnival topped 5% on March 26.

At last check Carnival shares were 21% higher at $10.29.

The cruise line industry broadly has suffered in the wake of outbreaks of the coronavirus on cruise ships and the cancellation of vacation plans worldwide

In late March, four passengers aboard Carnival’s Holland America’s Zaandam cruise ship died and two people on board tested positive for coronavirus.

Recently, the company increased its dollar-bond sale to $4 billion from $3 billion and lowered its interest rate for the bonds to about 12% from 12.5%.

Home of Science
Follow me

- Advertisement -

Discover

Sponsor

Latest

Nicola Sturgeon says time is right to resign as Scotland’s first ministeron February 15, 2023 at 11:44 am

The Scottish National Party leader made the announcement at a news conference in Edinburgh.The Scottish National Party leader made the announcement at a news...

Ukraine: Private militias recruiting former soldierson March 10, 2022 at 6:06 am

Private militias are "scouring" social media to recruit former soldiers, veterans say.Image source, EPASome military veterans have received cold call approaches about fighting in...

Joe Rogan: Podcast is staying on Spotify says bosson February 7, 2022 at 11:50 am

Rogan's racial slurs on podcast condemned by Daniel Ek, who says silencing him is "not the answer".Image source, Getty ImagesSpotify boss Daniel Ek has...

Josh Adams: Wales wing fit for Six Nations trip to England after calf injuryon February 22, 2022 at 1:32 pm

Wales wing Josh Adams recovers from a calf injury in time to face England in the Six Nations on Saturday, while Willis Halaholo is...

Criminal barristers vote to end strike over payon October 10, 2022 at 7:47 am

Criminal barristers in England and Wales vote to end long-running strike and for a new pay deal.Criminal barristers in England and Wales have voted...
Home of Science
Follow me