Aston Martin raises £653m via share sale

British sports car manufacturer Aston Martin Lagonda Global Holdings Plc will raise 653 million pounds ($772 million) through the sale of shares to the Saudi Arabian sovereign wealth fund, as well as existing investors.

The company intends to use the raised funds to reduce debt and invest in business development, Aston Martin said in a statement to the London Stock Exchange (LSE).

The company will sell 23.3 million new shares to the Saudi Public Investment Fund (PIF) at £3.35 per share, down 9.8% from Aston Martin’s closing price on Thursday. This will allow her to raise 78 million pounds.

In addition, PIF will participate in Aston Martin’s subsequent offering of shares to current shareholders for a total of £575m.

As a result, the Saudi state investment fund will receive a 16.7% stake in Aston Martin and become the new anchor investor, as well as the company’s second largest shareholder, the statement said.

Aston Martin said in a statement that the company’s performance is in line with expectations, and therefore its forecasts for 2022 remain unchanged. Its reporting for the first half of the year will be published on July 29.

Aston Martin shares soared 21% in London trading on Friday. Since the beginning of this year, their value has decreased by 67%.

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