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Dubai buys into Sony

Dubai International Capital has bought an undisclosed number of shares in Sony Corporation, thought to be worth as much as USD 500 million.

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News by Phil Elliott Contributor
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Dubai International Capital has bought an undisclosed number of shares in Sony Corporation, thought to be worth as much as USD 500 million.

The company, which manages a USD 13 billion fund on behalf of the emirate's ruler, had previously stated it was looking to invest USD 500 million in a Japanese company on November 19.

And now, according to a report on Bloomberg, the company has acquired a "substantial" stake in Sony, said its CEO Sameer al-Ansari in a statement.

"The combination of Sony's truly global brand, its leadership position in product design and its global footprint will spur the business' medium term growth."

The move pushed up Sony's share price by 4.6 per cent to JPY 5500 (USD 50.6), beating the Nikkei average which rose 1.7 per cent largely down to a strong US retail performance in the post-Thanksgiving period last week.