UK's Aston Martin to raise £653m, Saudi's PIF to become major investor
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ASTON Martin said on Friday (Jul 15) it was looking to raise £653 million (S$1,083.9 million) through a right issue to shareholders, while bringing in Saudi Arabia's sovereign wealth fund as its second-largest shareholder.
The luxury carmaker said Saudi's PIF, largest shareholder Yew Tree Consortium and Mercedes-Benz will together invest £335 million. The financing will involve a separate rights issue of £575 million.
PIF will own 16.7 per cent stake in Aston Martin, behind the 18.3 per cent holding by chairman Lawrence Stroll's Yew Tree. Mercedes, which owns about a 11.7 per cent stake, will cut its stake to about 9.7 per cent with the announcement.
Last month, the Financial Times reported that PIF, which has a stake in electric carmaker Lucid and British supercar group McLaren, was in early talks with Aston Martin for a share of the business. REUTERS
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