Saudia Arabia takes 8.2 percent stake in carnival corporation

GCAPTAIN | Shares of Carnival Corporation (NYSE: CCL) shot up more than 20% on Monday after it was revealed that Saudi Arabia’s public investment fund has taken a more than 8% stake in the world’s largest cruise ship operator. 

A stock filing issued by Carnival on Monday showed The Public Investment Fund purchased 43,508,895 shares of Carnival Corporation common stock representing 8.2% of Carnival’s outstanding shares as of March 25, 2020. The Public Investment Fund is the sovereign wealth fund of the Kingdom of Saudi Arabia.  

Carnival’s stock closed Monday up a little more than 20% at $10.21 following the announcement.

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