RDIF INVESTED IN TELEGRAM APP TOGETHER WITH UAE’S MUBADALA

Tue 23 March 2021:

The Russian Direct Investment Fund (RDIF) invested in Telegram messenger together with UAE sovereign fund Mubadala Investment Company, a spokesperson of the Russian fund said in a statement.

“The fund participated in the investment in Telegram together with Mubadala Investment Company,” he said.

“Telegram’s user base has reached a critical mass that places it among global tech giants,” Mubadala executive Faris Sohail Faris Al-Mazrui said in a statement.

“Telegram is well-positioned for an inflection point that will transform it into a leading global technology company.”

Bloomberg reported earlier in the day that UAE sovereign wealth funds Mubadala Investment and Abu Dhabi Catalyst Partners had invested $75 million in Telegram’s five-year convertible bonds.

Telegram, already headquartered in the United Arab Emirates, will open an office in Abu Dhabi following the new investment, Mubadala said.

Earlier, a source in the financial market told Sputnik that Telegram had placed five-year convertible bonds in the amount of $1 billion with a yield of 7 percent per annum.

Holders of the bonds will then be able to convert them into shares in the company in the event of Telegram’s IPO at a 10 percent discount to the offering price.