Saudi sovereign fund to become Aston Martin’s no.2 shareholder

Saudi Arabia’s sovereign wealth fund will become the second-largest shareholder of Aston Martin with a nearly 17 percent stake in a capital raise aimed at paying off debt and shoring up its business, the British luxury carmaker said on Friday.

The company, faced with with high debt, a torrid stock fall and a struggling Formula One team, said it planned to raise £653 million ($773.15 million) through PIF’s £78 million investment and a separate rights issue of £575 million.

The Saudi fund will own 16.7 percent stake in Aston Martin, behind the 18.3 percent holding by Chairman Lawrence Stroll’s Yew Tree will have after the rights issue, and will be entitled to two board seats at the carmaker.

SAUDI PUBLIC INVESTMENT FUND (PIF)

Current second-largest shareholder, German carmaker Mercedes-Benz AG, will own about 9.7 percent after the capital increase. The firm was looking to lift it stake to up to 20 percent by 2023.

Read more : https://www.arabnews.com/node/2123011/business-economy

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