Saudi Arabia increases its stake in Aston Martin to more than 20% – Cars, the first Arab website for cars
Cars – Aston Martin said that the Saudi Public Investment Fund raised its stake in the British luxury car maker by 2.6 percentage points to 20.5 percent. This came, according to a regulatory statement, a week after Aston Martin launched luxury cars in the United Kingdom.
The quarterly results and forecasts of the auto industry disappointed investors. The Public Investment Fund (PIF) contribution has now increased from 17.9 percent, to 20.5. This puts him ahead of Geely Chairman and Chinese businessman Shufu Li on the list of Aston Martin shareholders, according to LSEG data. Shufu Lee owns 17 percent of the company.
Aston Martin Chairman Lawrence Stroll remains the carmaker’s majority shareholder. In October, U-Tree raised its stake to more than 26 percent after another major shareholder wanted to reduce its stake. The new shares were awarded to Lucid Group, which is controlled by the Public Investment Fund, according to the filing.
Earlier, Lucid’s Ativa unit also disclosed a 3.44 percent stake in Aston Martin. The Gaydon-based company in June reached an agreement with Lucid, giving the US electric car maker a stake in Aston Martin in exchange for access to its “high-performance” technology.
