Saudi's PIF to invest $500 mln in Hong Kong Chaoshang (updated)

Modern Innovative Digital Technology

04/07/2024 12:35

(Adds details from paragraph 2 onwards)
       July 4 (Reuters) - Saudi Arabia's sovereign wealth fund
Public Investment Fund (PIF) intends to invest $500 million in
Hong Kong Chaoshang Group  2322.HK , the investment holding
company said on Thursday.
    The investment comprises $100 million worth of convertible
debentures, giving PIF the option to trade the investment for
stocks in the company, and $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.

 (Reporting by Echha Jain in Bengaluru; Editing by Savio
D'Souza)
 ((Echha.Jain@thomsonreuters.com;))