Saudi’s PIF to invest US$500 million in Hong Kong Chaoshang

SAUDI Arabia’s sovereign wealth fund Public Investment Fund (PIF) intends to invest US$500 million in Hong Kong Chaoshang Group, the investment holding company said on Thursday (Jul 4).

The investment comprises US$100 million worth of convertible debentures, giving PIF the option to trade the investment for stocks in the company, and US$400 million in a five-year loan.

The terms of the investment are still being negotiated and no legally binding agreement has been entered into, the company said.

“With the financial support of PIF, the Group may undertake strategic initiatives including but not limited to investments into different industries such as mining and healthcare and/or other sectors as the opportunities arise,” the Hong-Kong based company said.

PIF did not immediately respond to a Reuters’ request for comment. REUTERS