LCID - Saudi Wealth Fund Bolsters Investment Increases Stake In Aston Martin To Over 20% | Benzinga
The Saudi wealth fund ramped up its stake in British luxury carmaker Aston Martin (OTC:AMGDF) to 20.5%, according to a recent regulatory filing.
This move comes a week after Aston Martin’s quarterly results and future forecast disappointed investors, reported Reuters.
The Public Investment Fund’s (PIF) shareholding has surged by 2.6 percentage points from 17.9%. This positions it ahead of Geely Chairman and Chinese entrepreneur Shufu Li on Aston Martin’s shareholder list, as per LSEG data.
See Also: Why Tesla Shares Are Revving Up Premarket Today
The newly acquired shares were granted to PIF-controlled Lucid Group (NASDAQ:LCID), the filing disclosed. On the same day, Lucid unit Atieva revealed a 3.44% stake in Aston Martin.
In June, the Gaydon-based company struck a deal with Lucid, allowing the U.S. ...