PIF to become Aston Martin's second-largest shareholder

15/07/2022 Argaam
Logo of Public Investment Fund (PIF)

Logo of Public Investment Fund (PIF)


Aston Martin Lagonda, the UK’s carmaker, said will raise £650 million ($773.15 million) as the Public Investment Fund (PIF) will buy shares worth £78 million, and will take part in a £575 million rights issue.

 

Accordingly, the Saudi sovereign wealth fund will become the second-largest investor in the car manufacturer with a 16.7% stake after Yew Tree, which holds 18.3% of the company. On the other hand, the existing shareholder Mercedes-Benz will be the third-largest shareholder with 9.7% of capital, the British carmaker said in a statement.

 

The fundraising was aimed at repayment of debts, and the acceleration of Aston Martin’s long-term growth potential.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.