Dubai government-owned fund buys substantial share of Sony

By Chris Nicholls

DUBAI: Dubai International Capital (DIC), a government-owned investment house, has announced a “substantial” purchase of Sony Corporation shares.

According to reports, the company would not disclose the level of the shareholding, but a five per cent purchase or greater would require documents to be lodged with the Japanese regulator. As of today, this has not happened. Speculation rests on a three per cent figure, which would have cost DIC US$1.5 billion

The fund’s purchase is its first in Japan and represents a move against trend, with foreign investors responsible for the majority of the A$1 trillion sold out from the Japanese exchange in the past four months.

After the announcement, Sony’s stock price rose 4.6 per cent to 5,500 Yen.

Sony Australia was unavailable to comment at time of press.


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