Bloomberg confirmed that the Saudi Public Investment Fund is seeking a loan early next year, after contacting international banks to participate in financing.
Today, Thursday, the agency quoted sources as saying that the value of the loan that the Saudi Public Investment Fund is seeking to obtain is $ 7 billion to be used for investment purposes.
In the same context, sources confirmed to "Reuters" that the loan will be a renewable facility, allowing the Public Investment Fund to borrow more from the market if necessary.
The fund previously obtained $ 40 billion from foreign reserves for the central bank in the Kingdom, last March and April, to finance purchases of shares on global stock exchanges.
The fund obtained two loans; One was worth $ 11 billion in 2018, while the other loan was worth 10 billion.
The Public Investment Fund has assets of about $ 300 billion, and its investments are structurally divided into six areas; These include Saudi stock holdings, sector development, real estate and infrastructure, mega projects, foreign investments, and a diversified portfolio.
The proportion of foreign investments is about 15% of its assets, and it employs more than 450 employees, and aims to reach 700 employees by the end of the year.
This year, the fund sold 70% of its stake in SABIC - the fourth largest petrochemical company in the world - to Saudi Aramco (ARAMCO) in a deal estimated at $ 69.1 billion.
A regulatory notice this month showed that the Public Investment Fund had reduced its exposure to stocks in North America by $ 3 billion in the third quarter, and divested some of its holdings in index and equity funds.
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