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Saudi Arabia sovereign fund buys a 17% Aston Martin stake
Saudi Arabia's sovereign wealth fund will become the second-largest shareholder of Aston Martin with a nearly 17% 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 1 team, said it planned to raise 653 million pounds ($773.15 million) through PIF's 78 million pound investment and a separate rights issue of 575 million pounds. The Saudi fund will own 16.7% stake in Aston Martin, behind the 18.3% 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....
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2y ago from GrandPrix247.com
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