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11-26-2007, 04:58 PM
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| Trendsetter   Join Date: Sep 2005 Location: Sweden
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  | Dubai's Sheikh Acquires Substantial Stake In Sony Dubai's Sheikh Acquires Substantial Stake In Sony  Victoria City, Hong Kong (AHN) - It may not be Christmas in Dubai but its ruler, Sheikh Mohammed bin Rashid al Maktoum, is out with his shopping list. The reports said that the Sheikh is planning to buy Asian stocks amid rising oil prices. On Monday, he started his shopping spree by buying a "substantial stake" in Sony. Dubai International Capital, an investment firm owned by the government of Dubai, has not disclosed the details on the significant acquisition. According to reports, Dubai International Capital's $2 billion Gulf Arab Global Strategic Equities Fund was used to by the government to make the deal with the Japan-based Sony. "While the restructuring process at Sony is well advanced, the recent successful listing of Sony Financial Holding is evidence of management's ongoing strategy of focusing on capital efficiency and cash generation," Dubai International Capital said in a statement. In the past, the firm has made investments in the companies like EADS with more than 3 percent of stakes in the company. Some market analysts claim that since Sony has not disclosed the percentage of the stake, it must be below 5 percent. Sameer al-Ansari, Chairman and CEO of Dubai International Capital, told Forbes, "Sony provides... a compelling investment case, consistent with our mandate of supporting premier global companies." - ONLY REGISTERED AND ACTIVATED USERS CAN SEE ALL LINKS - CLICK HERE TO REGISTER |
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