Cruise liner Carnival’s shares buoyant after Saudi’s PIF takes 8.2% stake – The National

Cruise liner Carnival’s shares buoyant after Saudi’s PIF takes 8.2% stake – The National

Cruise liner Carnival's shares buoyant after Saudi's PIF takes 8.2% stake. Investment is worth $369.4m at last week's closing price. Shares in US cruise liner operator Carnival Corporation jumped after Saudi Arabia's Public Investment Fund said it acquired an 8.2 per cent stake in the company.. Carnival surged 23 per cent to $10.44 by 8.10pm UAE time on Monday after the fund said in a filing that it holds 43.5 million shares of the cruise company.. As of last week's close, the stake was worth $369.4 million (Dh1.34 billion).. The fund is getting a bargain-bin price for Carnival, as shares in the world's biggest cruise company have fallen 81 per cent this year given the unprecedented risks faced by the industry.. The Public Investment Fund has invested abroad previously, including stakes in Uber Technologies, Tesla and SoftBank Group's Vision Fund.. Since the halt of operations, Carnival has raised $6.25bn to help meet expenses, but it is paying a steep price.. Some $4bn in bonds were priced with an 11.5 per cent coupon last week.. The shares were acquired before a planned stock offering by Carnival, so the percentage holding will change..