RIYADH: The Saudi Arabian Public Investment Fund affiliate Ayar Third Investment Co., the majority shareholder of US automaker Lucid Group, has provided $1.5 billion in fresh funding.
According to a statement, the deal includes a $750 million unsecured delayed draw term loan facility and $750 million in convertible preferred stock through a private placement, subject to certain terms and conditions.
This is consistent with PIF’s objective to become the world’s most influential investor and a global investment powerhouse, propelling Saudi Arabia’s economic transformation while opening up new markets and opportunities to influence the future of the global economy.
It also fits in nicely with Lucid’s goal of building the most cutting-edge electric vehicles on the market to hasten the world’s transition to sustainable energy and transportation.
Lucid Gagan Dhingra’s interim chief financial officer and principal accounting officer, states, “The additional $1.5 billion commitment by an affiliate of the PIF announced today is expected to provide sufficient liquidity into at least the fourth quarter of 2025.”
The statement also disclosed that the PIF-backed company intends to use the money raised from the private placement and possible term loan proceeds for general corporate purposes, which may include making investments and covering working capital requirements, among other things.
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