Luxury sports car company Aston Martin plans to raise £653 million ($772 million) from Saudi Arabia’s sovereign wealth fund and shareholders in a deal to free up cash to drive development.
Aston shares climbed as much as 19 per cent in London trading, their biggest intraday jump since June 2020.
“With this capital raise, we are able to remove the significant overhang on our business,” chairman Lawrence Stroll said on Friday.
The carmaker intends to issue 23.3 million new shares to the Saudi Public Investment Fund (PIF) at £3.35 a share, giving it a 17 per cent stake, Aston said in a filing.
The company will undertake a rights issue with the PIF, Mr Stroll’s Yew Tree Consortium and Mercedes-Benz AG investing a combined £335 million.
Read More : https://www.thenationalnews.com/world/uk-news/2022/07/15/aston-martin-shares-rise-as-deal-nears-for-653m-from-saudi-investment-fund/
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