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    Home ยป Saudi sovereign fund to change into Aston Martin's No. 2 shareholder
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    Saudi sovereign fund to change into Aston Martin's No. 2 shareholder

    Editor - The Auto JournalBy Editor - The Auto JournalJuly 14, 2022Updated:July 17, 2022No Comments2 Mins Read
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    Saudi Arabia’s PIF sovereign wealth fund will change into the second-largest shareholder of Aston Martin with a virtually 17 p.c stake in a capital increase geared toward paying off debt and shoring up its enterprise.

    Aston Martin mentioned it deliberate to boost 653 million kilos ($773.15 million) by way of PIF’s 78 million pound funding and a separate rights situation of 575 million kilos.

    The Saudi fund will personal 16.7 p.c stake in Aston Martin, behind the 18.3 p.c holding by Chairman Lawrence Stroll’s Yew Tree could have after the rights situation, and can be entitled to 2 board seats.

    Current second-largest shareholder, Mercedes-Benz will personal about 9.7 p.c after the capital enhance.

    Aston Martin is confronted with with excessive debt, a torrid inventory fall and a struggling Formula One workforce.

    The automaker has had a bumpy journey since its preliminary public providing in late 2018. Its London-listed shares have fallen practically 73 p.c to this point this 12 months. They jumped 10 p.c on Friday morning after hitting a document low earlier.

    Half of the brand new capital can be used to repay debt, Aston Martin mentioned on Friday. The firm had a debt of 957 million kilos on the finish of March. It may also serve to speed up future capital expenditure.
    PIF, which owns stakes in electrical carmaker Lucid and British supercar group McLaren, didn’t instantly reply to a Reuters’ request for remark.

    Separately, Aston Martin additionally reported wholesale volumes of two,676 within the first half, down from 2,901 a 12 months in the past. It expects to promote greater than 6,660 items for the full-year.

    Source: europe.autonews.com

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