Carlos Slim is doubling down on distressed US energy.
Mr Slim and his family have accumulated stakes worth $230 million in oil refiner PBF Energy and pipeline operator PBF Logistics, continuing to snap up stock even as the shares have slumped.
The family investment vehicle, Control Empresarial de Capitales, is now PBF Energy’s largest shareholder and the second-biggest in PBF Logistics.
They emerged as investors in the companies in 2017 and added about $70m in 2020, with the bulk of the purchases following the outbreak of the Covid-19 pandemic, data compiled by Bloomberg shows.
Slim is the world’s 21st-richest person with a $57.6 billion fortune, according to the Bloomberg Billionaires Index. The bulk of his wealth derives from telecommunications giant America Movil.
“We see this purely as an investment, which is very different from our own operations,” Arturo Elias, Mr Slim’s spokesman and son-in-law, said. “The world still needs refining for planes, ships, cars and these companies were punished because consumption fell due to the pandemic.”
Demand for gasoline collapsed amid the coronavirus pandemic, prompting PBF Energy – which spun off PBF Logistics in 2014 – to close some of its refining facilities. Shares in both New Jersey-based companies have dropped at least 45 per cent since the start of 2020, while some of PBF Energy’s bonds are trading at distressed levels.
“US refining is still in dire straits,” said Bloomberg Intelligence analyst Fernando Valle. “2021 won’t be much better unless the vaccine is faster and more successful than expected.”
A PBF Energy representative said the Slim family’s investing in the company isn’t a recent development. A representative for PBF Logistics didn’t respond to requests for comment.
America Movil subscribes to the United Nation’s global initiative for corporate sustainability.
“Our operations are increasingly green,” Mr Elias said. “We’re also certain that the companies we invested in comply with all environmental regulations.“
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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Winner Meshakel, Royston Ffrench (jockey), Salem bin Ghadayer (trainer)
7.05pm Handicap (TB) Dh87,500 (D) 1,400m
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Winner Rebel’s Romance, William Buick, Charlie Appleby
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Winner Topper Bill, Richard Mullen, Satish Seemar
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Winner Wasim, Mickael Barzalona, Ismail Mohammed.
ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
Chelsea 2 Burnley 3
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Burnley Vokes (24', 43'), Ward (39')
Red cards Cahill, Fabregas (Chelsea)
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Company profile
Name: GiftBag.ae
Based: Dubai
Founded: 2011
Number of employees: 4
Sector: E-commerce
Funding: Self-funded to date
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
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Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
