https://arab.news/8u2wk
SAUDI ARABIA: 黑料社区鈥檚 sovereign wealth fund is not planning for or even considering a margin loan backed by its investment in SoftBank Group Corp鈥檚 Vision Fund, it said on Sunday in response to a media report.
Bloomberg News reported on Saturday that the $300 billion Public Investment Fund (PIF) was planning to borrow about $10 billion by pledging some of its investment in the fund.
鈥淧IF has ample liquidity and has not been engaged with anyone to raise margin loans against its Vision Fund stake,鈥� the sovereign wealth fund said in an emailed statement.
SoftBank鈥檚 finances are being squeezed after a disastrous bet on co-working firm WeWork and souring portfolio bets on start-ups.
The Japanese company said last month it expected the $100 billion Vision Fund to book a loss of 1.8 trillion yen ($16.8 billion) due to the worsening performance of its tech bets, which will tip the group as a whole into its first loss for 15 years.
On Friday, PIF disclosed having bought minority stakes in major American companies including Boeing, Facebook and Citigroup, giving it a portfolio of nearly $10 billion in US-listed stocks. ($1 = 107.0200 yen)