Saudi Arabia’s sovereign wealth fund buys BT shares

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Saudi Arabia’s sovereign wealth fund snaps up shares in BT as it searches for stockmarket bargains

By Daily Mail City & Finance Reporter

Published: | Updated:

Saudi Arabia’s sovereign wealth fund has snapped up shares in BT as it searches for stockmarket bargains. 

The kingdom’s £263billion Public Investment Fund (PIF) bought shares in the telecoms giant as they languished at lows not seen since 2009. 

On the lookout for a bargain: Saudi Arabia’s sovereign wealth fund bought shares in BT as they languished at lows not seen since 2009

BT’s shares closed at 118.6p on Friday. 

Under boss Philip Jansen, the company has focused on rolling out fibre broadband across the UK and promised this will deliver long-lasting returns. 

But the share price is already down by nearly 40 per cent this year. 

With the pandemic knocking shares, the PIF has been bargain hunting. Its stake in BT is reportedly ‘significantly lower’ than 5 per cent. 

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