Logo of Public Investment Fund (PIF)
The Public Investment Fund (PIF) signed on July 4 a memorandum of understanding (MoU) with Hong Kong-listed ChaoShang Group for a potential $500 million investment.
In a statement, ChaoShang said the total investment comprises of $100 million in five-year convertible debenture and $400 million in five-year loan.
A legally binding memorandum has not been signed yet, with the exception of provisions related to termination, confidentiality, notices, governing law, and jurisdictional provisions, the group added.
It noted that the relevant obligations under the MoU will be negotiated during the next three months to determine the final agreements, with the possibility of extending this period pending the agreement of the two parties.
Through the financial support provided by the Saudi sovereign fund, ChaoShang will be able to take strategic initiatives including investment in several industries such as mining and healthcare.
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