Aston Martin welcomes China's Geely as new shareholder
By Alexander Bueso
Date: Friday 30 Sep 2022
(Sharecast News) - Aston Martin welcomed Chinese automotive giant Geely as a new shareholder, while welcoming the Saudi sovereign wealth fund as a new anchor shareholder.
Both took part in its latest financing round, for £654m, which successfully completed on Friday.
The latter, known as the Public Investment Fund, now held an 18.7% stake in the iconic sportscar maker.
According to company boss, Lawrence Stroll, the new financing round "significantly strengthens our financial position and enhances our pathway to becoming sustainably free cash flow positive."
The Yew Tree Consortium, which is led by Stroll himself, participated fully in the cash call with its shareholding left at 19% following its participation in the rights issue and capital raise.
Stroll also thanked Mercedes-Benz for its investment.
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