DUBAI, United Arab Emirates - Dubai International Capital, an investment company owned by the ruler of this booming Persian Gulf city-state, has acquired a stake of undisclosed size in the Japanese electronics and media company Sony Corp.
Sony's US shares rose 1.9 percent yesterday after the disclosure, gaining 93 cents to $50.01.
United Arab Emirates-based Dubai International Capital described its investment in Sony as "substantial" in a statement posted on the company's website, but did not provide a specific ownership percentage.
A Sony spokesman confirmed Dubai International Capital's purchase but refused to provide any other details.
The chief executive of Dubai International Capital, Sameer Al Ansari, said the investment in Sony, which owns consumer electronics, video game, and movie businesses, was "consistent with our mandate of supporting premier global companies."
"The combination of Sony's truly global brand, its leadership in product design, and its global footprint will spur the business's medium term growth as it capitalizes on positive underlying trends and emerging technologies," said Al Ansari in a company statement.
Dubai International Capital was established in 2004 and is owned by Dubai-ruler Sheikh Mohammed bin Rashid Al Maktoum. It has made several other prominent investments this year, acquiring 9.9 percent of Och-Ziff Capital Management Group, a US-based alternative asset manager, and 3.12 percent of European Aeronautic Defence & Space Co., which builds Airbus commercial planes and military aircraft. The firm also holds stakes in Daimler AG and British bank HSBC Holdings PLC.