Aston Martin aims to raise $772m from Saudi PIF to trim debt 

The luxury sports carmaker intends to issue 23.3 million new shares to the PIF at $3.97 a share. (Shutterstrock)
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Updated 17 July 2022
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Aston Martin aims to raise $772m from Saudi PIF to trim debt 

RIYADH: Aston Martin plans to raise $772 million from Saudi Arabia’s Public Investment Fund as it tries to trim debt and free up money for future products, according to a Bloomberg report. 

The luxury sports carmaker intends to issue 23.3 million new shares to the PIF at $3.97 a share, thus giving it 17 percent of its share, the company said in a filing. 

Aston Martin will also undertake a rights issue with the PIF, Stroll’s Yew Tree Consortium, and Mercedes-Benz AG, investing a combined $397 million, Bloomberg reported. 

The announcement from Aston Martin comes just five months after its chairman Lawrence Stroll declared that it had plenty of cash. 

“With this capital raise, we are able to remove the significant overhang on our business,” Stroll has been quoted as saying in the report. 

He added that Astron’s financial progress has been slowed recently due to legacy issues inherited from previous management and the downturn in China. 

He further noted that Aston Martin expects to complete the capital raise by the end of September.


Maersk to resume Suez Canal sailings for MECL service

Updated 5 sec ago
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Maersk to resume Suez Canal sailings for MECL service

  • Shipping companies are weighing a return to the critical Asia-Europe trade corridor more than two years after they started rerouting vessels around Africa following Yemeni Houthi rebels’ attacks

OSLO: Shipping group Maersk will resume sailings via the Red Sea and the Suez Canal for its ​MECL service, connecting the Middle East and India with the US east coast, the Danish company said on Thursday.
“Maersk has decided to implement a structural return to the trans-Suez route for all MECL service sailings,” the company said in a statement, ‌adding that this ‌was part of a ‌stepwise approach ⁠for ​its ‌fleet.
Shipping companies are weighing a return to the critical Asia-Europe trade corridor more than two years after they started rerouting vessels around Africa following Yemeni Houthi rebels’ attacks on ships in the Red Sea in what they said ⁠was a show of solidarity with the Palestinians in Gaza.
Maersk ‌on Monday said one ‍of its vessels ‍had tested the route as a ceasefire in ‍Gaza raised hopes for normal shipping traffic.
The change for the MECL service comes into effect with a sailing departing Oman’s port of Salalah on January ​26.
The Suez Canal is the fastest route linking Europe and Asia and, until ⁠the Houthi attacks, had accounted for about 10 percent of global seaborne trade, according to Clarksons Research.
The ceasefire in the Gaza conflict, in place since October last year, has renewed hope of normalizing Red Sea traffic.
The ceasefire has ended major combat in Gaza over the past three months, but both sides have accused the other of regular violations. More than 440 ‌Palestinians and three Israeli soldiers have been killed since the truce took effect.