Lenovo Group and Saudi Arabia's Public Investment Fund complete $2 billion investment

Lenovo Group Limited and Alat Ennet, a subsidiary of the Saudi Arabian Public Investment Fund, announced that the two parties have successfully completed a three-year $2 billion interest-free convertible bond investment and reached a strategic cooperation agreement previously announced in May 2024. The investment plan was first announced in May 2024, and it is planned to issue 1.15 billion warrants for a three-year period to raise additional funds to support future growth and expand the capital base. At present, all warrants have been fully subscribed, of which Lenovo management has subscribed for 43%. Lenovo Group said that the transaction has been approved by shareholders and all necessary regulatory authorities. This move marks the official opening of a new chapter in the Middle East and Africa region by the two parties, and Lenovo Group's Middle East market business is expected to accelerate further in 2025. According to the plan, the new factory will start production in 2026 and is expected to produce millions of personal computers and servers each year.