Carnival [NYSE:CCL] bounces up 22.97% after KSA’s PIF buy 8.2% Stakes

At the time of writing, Carnival Corporation & Plc [NYSE:CCL] shares were up 22.97% to $10.44 along trading volume of 143,163,678 shares. This up change make the day of CCL stock and shifted into top gainers list. This gaining move is behind the news according to which, The Public Investment Fund (PIF), owned by the Kingdom of Saudi Arabia, has recently purchased large shares of the struggling US-based Cruise Line Carnival.

According to the details, the KSA’s Public Investment Fund has now owns 8.2% stakes in the International Cruise Line by purchasing 43.5 million shares on Monday. According to the data released by the S&P Capital IQ, the recent investment of PIF has made it the third-largest shareholder in the Cruise Line.

Although, the PIF hasn’t revealed the actual date of purchasing the stock, but the 4th Quarter of SEC filing clearly shows that the company didn’t own any stock in Carnival Cruise Line until the end of 2019. However, the company has revealed its latest form that its investment has topped the 5% mark on March 26.

Neither Carnival and nor PIF didn’t available for comment.

Apart from its worst lost of year about 82%, the stock of Carnival Cruise Line surge up to 10% on Monday and traded to just less than 10 dollars. The recent COVID-19 Pandemic has forced the company to shut down its operation due to low-cash problems and this is the reason that the Carnival has suspended its dividend last month.

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