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Sun 21 Jun 2020 08:02 AM

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Saudi Arabia is buying shares in BT Group: report

The stake was said to be "significantly" lower than the 5% threshold that would require notification to the exchange

Saudi Arabia is buying shares in BT Group: report

PIF governor Yasir Al-Rumayyan.

Saudi Arabia’s Public Investment Fund has been buying shares of BT Group Plc on the open market in recent weeks, the Telegraph reported, citing three sources close to BT that it didn’t identify.

The stake was said to be “significantly” lower than the 5% threshold that would require notification to the exchange, the report said. Shares in BT Group have collapsed 40% this year, valuing the firm at $14.4bn (£11.7bn).

BT advisers have been tracking a new investor in the market for weeks, it said.

Both companies declined to comment to the Telegraph.

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