China's Zhejiang Geely buys 7.6% stake in Aston Martin | Inquirer Business

China’s Zhejiang Geely buys 7.6% stake in Aston Martin

/ 08:51 AM October 03, 2022

Chinese automotive company Zhejiang Geely Holding Group said on Friday it bought a 7.6-percent  stake in British luxury carmaker Aston Martin, but did not disclose the deal value.

Based on Aston Martin’s closing share price on Sept. 29, the stake is valued at 66.6 million pounds ($74 million).

ADVERTISEMENT

It was bought by Li Shufu, founder and chairman of Zhejiang Geely, Aston Martin said in a regulatory filing, making the Chinese firm one of the top shareholders in the British carmaker, according to Refinitiv Eikon.

“We look forward to exploring potential opportunities to engage and collaborate with Aston Martin as it continues to execute its strategy to achieve long term, sustainable growth and increased profitability,” Daniel Donghui Li, Zhejiang Geely’s chief executive officer said.

FEATURED STORIES

Aston Martin also separately announced the completion of 654 million pounds capital raise.

($1 = 0.8994 pounds)

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Aston Martin, buy-in, Geely Holding Group
For feedback, complaints, or inquiries, contact us.

Subscribe to our business news

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.