Visionary Shares Close to Doubling on Deal to Get $120M From Saudi Arabia Investment Fund

Dow Jones

2024-09-13

By Sabela Ojea

Shares of Visionary Holdings on Thursday nearly doubled after the company said it will receive an investment of up to $120 million from the Public Investment Fund of Saudi Arabia.

The stock was up 98% to $4.02 in afternoon trading. The stock has jumped 28% since the beginning of the year, and is up 33% over the past 12 months.

The Canadian provider of education services said it signed a memorandum of understanding with the Saudi Arabian sovereign wealth fund for an investment that includes debt replacement for four of Visionary's various commercial buildings and an investment for their real estate redevelopment.

Public Investment Fund of Saudi Arabia, established in 1971, has total assets estimated at $925 billion. Saudi Crown Prince Mohammed bin Salman serves as the chairman of PIF.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

September 12, 2024 15:09 ET (19:09 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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