UK’s Aston Martin to raise over 500 mln pounds via Saudi fund, rights issue – FT

A emblem on the brand new Aston Martin DBX on the new Aston Martin Lagonda manufacturing facility in Barry, Wales, Britain February 21, 2020. REUTERS/Rebecca Naden/Pool

July 14 (Reuters) – Aston Martin (AML.L) is closing in on a deal to lift over 500 million kilos ($589.30 million) by bringing in Saudi Arabia’s sovereign wealth fund as a significant shareholder and launching a rights situation for traders, the Monetary Occasions reported on Thursday.

The proposal will end in Saudi’s Public Funding Fund (PIF) investing as much as 200 million kilos for a close to 20% shareholding and a seat on the British luxurious carmaker’s board, the newspaper mentioned, citing two individuals.

The deliberate financing additionally includes a rights situation of a minimum of 300 million kilos, and may very well be significantly greater, the report mentioned.

Final month, Monetary Occasions reported that PIF, which owns stakes in electrical carmaker Lucid and British supercar group McLaren, was in early talks with Aston Martin about taking a stake within the enterprise. learn extra

Aston Martin declined to remark, whereas PIF didn’t instantly reply to Reuters request for remark outdoors common enterprise hours.

($1 = 0.8485 kilos)

Reporting by Aby Jose Koilparambil in Bengaluru; Enhancing by Shailesh Kuber

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