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.
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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. ...