Related Articles
Top Stories
May 27 2012 11:21
There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.
May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
May 28 2012 07:53
The City of Cape Town has spent R175m running the Myciti bus service since the Soccer World Cup compared to an income of R35m, a report says.
Tokyo - Dubai International Capital said on Monday it has bought a "substantial" stake in Japanese electronics giant Sony Corp in the latest in a series of investments in major global businesses.
The move by the Middle Eastern investment fund, which didn't disclose the size or value of its newly acquired holding in Sony, underscores a growing appetite for stakes in overseas companies on the part of Middle Eastern investors flush with cash from several years of high oil prices.
Officials at Sony weren't immediately available to comment on the move by DIC, which is backed by the Dubai government. Under Japanese securities law, any purchase of over 5% of a company's capital must be declared to local authorities. At current market prices, 5% of Sony would be worth ¥277bn.
In July this year DIC bought a 3.12% stake in European Aeronautic Defence & Space Co, the parent of jet maker Airbus. That move came less than two months after it took a stake worth about $1bn in UK bank HSBC Holdings.
DIC didn't say in its statement whether it will seek representation on Sony's board. Sameer Al Ansari, Chief Executive Officer of Dubai International Capital, said in the statement that, "Sony provides... a compelling investment case, consistent with our mandate of supporting premier global companies".
- Dow Jones News