The sovereign wealth fund in the Kingdom of Saudi Arabia acquired a 5.7% stake in the American "Live Nation", a company that works in the field of promoting and organizing events such as sports and musical events.
The Saudi Public Investment Fund revealed the stake, which consists of 12 million and 337 thousand and 569 shares, on Monday morning, according to the Hollywood Robert site.
According to the stock prices of Life Nation, the investment value is estimated at $ 500 million. The company's share price jumped more than 2% in the first few minutes of trading.
Currently, the Saudi Public Investment Fund is now the third largest shareholder in the company.
Live Nation was particularly affected by the new epidemic of the Corona virus, with all concerts and sporting events around the world suspended.
The company was prosecuted because it was reluctant to return the full amounts to customers who canceled the events that contracted with the company to organize or promote, although it has since modified the recovery rules to address these complaints.
The company’s share price has fallen more than 40% from January 1, largely due to the Corona epidemic.