The Public Investment Fund, the sovereign wealth fund of Saudi Arabia, has bought an 8.2% stake in Carnival Corporation.

The acquisition of the stakes has increased the Carnival Corp shares by approximately 30%.

PIF acquired approximately 43.5 million shares, which is valued at $369.3m, according to the closing time of Friday.

PIF is the second-largest investor of Carnival, according to data from Refinitiv Eikon.

Carnival Corporation owns nine cruise lines, Carnival Cruise Line, Princess Cruises, Holland America Line, P&O Cruises (Australia), Seabourn, Costa Cruises, AIDA Cruises, P&O Cruises (UK) and Cunard.

The company’s shares decreased by approximately 75% as many of the ships owned by its subsidiaries were affected by the Covid-19, killing and infecting the people on board.

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By GlobalData

Princess Cruises ships, Diamond Princess, Grand Princess, Ruby Princess and Coral Princess have reported confirmed cases on board and after disembarkation.

Australia’s NSW Police Commissioner Mike Fuller said that it will launch a criminal investigation into the Ruby Princess cruise ship.

Most of the Carnival subsidiaries have extended the suspension of the cruising dates due to the Covid-19 pandemic.

PIF oversees assets valued at more than $300bn and has bought stakes in Uber and Lucid Motors. It has also contributed $45bn to $100bn Vision Fund of Softbank.

Earlier this month, Carnival Corporation announced plans to raise $6bn from senior secured notes and senior convertible notes amid the pandemic.

Last month, Carnival Corporation offered some of its cruise ships from its cruise line brands to be used as temporary hospitals during the Covid-19 pandemic.