Author Topic: Saudi Arabia, through "direct and indirect holdings" now owns more than 10% of U  (Read 102 times)

YELLO

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Uber CEO Dara Khosrowshahi was one of the first to pull out of Saudi Arabia's Future Investment conference in October after the murder of Washington Post journalist Jamal Khashoggi, but the Kingdom's now 10% stake in the ride-hailing company could cause problems as it races to go public.

The company's board held a "marathon meeting" last week, Bloomberg News reported , with all directors in attendance, including former CEO Travis Kalanick and Saudi official Othman Al-Rumayyan, who manages the Kingdom's Public Investment Fund.

Saudi Arabia, through "direct and indirect holdings" now owns more than 10% of Uber, Bloomberg also reported. That's double the 5% stake Uber said the Kingdom had purchased in 2016 for $3.5 billion, and could cause a headache for Uber as it races towards an IPO as soon as next year.

https://www.google.com/url?sa=t&source=web&rct=j&url=https://amp.businessinsider.com/uber-board-held-marathon-meeting-about-saudi-investments-2018-11&ved=0ahUKEwisn5SWisPeAhUP4VMKHRVABmAQyM8BCD0wBQ&usg=AOvVaw2iKAwF_E8eVk9JoL52Sxb3&ampcf=1

YELLO

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For SoftBank in particular, Saudi Arabia is a crucial part of its future.

The company, a Japanese internet, energy and financial conglomerate, has increasingly staked its future on its nearly $100 billion Vision Fund. The biggest technology investment firm in the world, the Vision Fund owns stakes in Uber, the co-working space provider WeWork and more.

Mr. Son said on Monday that he predicted the Vision Fund to propel even more growth at SoftBank. “Next year, we will far exceed the scale we are seeing this year and maybe a scale that Japanese economy has never experienced before,” he told analysts.

But none of the Vision Fund’s success would have been possible without the Saudis, who pledged $45 billion toward the fund. The country’s crown prince, Mohammed bin Salman, who led the investment in the Vision Fund — and who is suspected of being involved in Mr. Khashoggi’s death — told Bloomberg News last month that, without his country, “there will be no SoftBank Vision Fund.”

Indeed, Mr. Son hopes to raise another Vision Fund, and it would be unclear whether that is possible without the Saudis’ backing.

Mr. Son said on Monday that he had raised his concerns about Mr. Khashoggi’s killing with Prince Mohammed and other senior Saudi officials, asking for “further clarity on this tragic case.”

They said they are taking this very seriously,” Mr. Son said.

But he made it clear that he would not abandon his business interests in Saudi Arabia.

He said “there are complicated issues” in the relationships between the United States and Saudi Arabia as well as between Japan and Saudi Arabia.

He added that “as a businessman, I believe I should not be involved in the political side of such a case.”

Remember:  January 2018, SoftBank is now Uber's largest shareholder.


https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.nytimes.com/2018/11/05/business/softbank-son-saudi-arabia-khashoggi.amp.html&ved=0ahUKEwj-n-Hqi8PeAhVFoFMKHQ-6CUoQyM8BCCUwAA&usg=AOvVaw0zLzyUQbCgmj3ACsbHztcG&ampcf=1


https://www.google.com/url?sa=t&source=web&rct=j&url=https://mobile.reuters.com/article/amp/idUSKBN1F72WL&ved=2ahUKEwizxduIkMPeAhUC0FMKHXeQAGsQFjABegQICBAB&usg=AOvVaw07GsQbYcXPIB8aOKfjJ5L1&ampcf=1

YELLO

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SoftBank unveils massive $21 bn IPO of Japan mobile unit
The IPO will help raise funds for the company as it increasingly transforms into an investment firm, ploughing money into a broad range of companies and projects around the world.

The IPO will take place in Tokyo on December 19 and will offer 1.6 billion shares in the SoftBank Corp mobile unit at 1,500 yen ($13) each.

Under its CEO Masayoshi Son, SoftBank has transformed from its beginnings in software and is increasingly seen as an investment firm.

Using the SoftBank Vision Fund, worth an estimated $100 billion, Son has taken stakes in some of the hottest firms in the tech sector, including Uber, Slack, WeWork and Nvidia.

Nearly half the money in the fund comes from Saudi Arabia and SoftBank's close ties with the kingdom have come under scrutiny in recent weeks after the murder of journalist Jamal Khashoggi at the Saudi consulate in Istanbul.

https://www.google.com/url?sa=t&source=web&rct=j&url=https://phys.org/news/2018-11-softbank-unveils-massive-bn-ipo.amp&ved=2ahUKEwifhvqv6M_eAhUKh-AKHWycASUQyM8BMAB6BAgFEAQ&usg=AOvVaw0l91aFvGN5GNC99EQtG8fq&ampcf=1

YELLO

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Uber's CEO is 'anxious' for more details about the death of journalist Jamal Khashoggi but says Saudi Arabia still deserves a board seat.

Uber is the second-most-valuable private company in the world, with a purported valuation of $72 billion. It has taken $3.5 billion from Saudi Arabia's Public Investment Fund, and its biggest shareholder is SoftBank, whose Vision Fund is also backed by Saudi Arabia.

That deeply entwined relationship gives Yasir Othman al-Rumayyan - the Saudi royal adviser who is managing director of the Saudi fund - a board seat and, according to Khosrowshahi, this won't change until more information emerges about Khashoggi's death.

Once we get the facts and understand exactly what happens, we will do our best to react as a company, and the company is a bunch of humans making judgments and, you know, one of our norms is we do the right thing, period," Khosrowshahi told The Wall Street Journal's Tech D.Live conference on Tuesday.
But that's based on our judgment on what the right thing is, and this is a situation that isn't entirely clear."

The Uber chief added that Saudi Arabia was "a big investor in the company" and that the company had a fiduciary duty to its backers.

Uber reportedly intends to go public in the first half of 2019, something Khosrowshahi said would help solve the Saudi problem. "At that point, anyone is free to be a shareholder one way or the other, and we enter into public land," he said.

https://www.google.com/url?sa=t&source=web&rct=j&url=https://amp.businessinsider.com/uber-ceo-dara-khosrowshahi-saudi-deserves-board-seat-jamal-khashoggi-2018-11&ved=0ahUKEwiU9daxl9XeAhUHTN8KHRc6DPYQyM8BCCowAQ&usg=AOvVaw2oU9zadoNN51NLvlye81bL&ampcf=1
« Last Edit: November 14, 2018, 11:06:55 PM by YELLO »

YELLO

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What is Uber's CEO Dara Khosrowshahi going to say now?

The CIA has concluded that Saudi Crown Prince Mohammed bin Salman personally ordered the killing of journalist Jamal Khashoggi, despite the Saudi government's denials that the de facto ruler was involved, according to a senior US official.

https://www.google.com/url?sa=t&source=web&rct=j&url=https://amp.cnn.com/cnn/2018/11/16/politics/cia-assessment-khashoggi-assassination-saudi-arabia/index.html&ved=0ahUKEwifh_PlwdveAhUHm-AKHaRdBqMQyM8BCC0wAQ&usg=AOvVaw1TUMJg73tIHXcO2t15oVIo&ampcf=1
« Last Edit: November 17, 2018, 08:23:34 AM by YELLO »

Antieuba

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Blame it on Travis, who went to the recent “Davos the Desert” tech conference in Saudi Arabia.