Kuwait’s Investment Dar looking to sell 20% of Aston Martin

The Islamic investment firm that bough half of Aston Martin in 2007 is now considering selling up to 20 percent of its holding in the British automaker and is also looking to borrow up to 300 million dinars ($1 billion) to refinance debt.

Kuwait’s Investment Dar’s executive vice-president Amr Abou El-Seoud said yesterday that it is looking to sell up to 20 percent of its stake in Aston Martin on behalf of itself and some of its partners.

“We have offers … we are in talks but the (sale) should be value-added whether financially or technically,” Seoud told Reuters in an interview. “We are not considering selling and exiting.”

He said that there is a 60 to 70 percent chance that a deal would be reached soon but declined to identify potential buyers. Aston Martin recently announced that it will cut up to 600 jobs in Britain as a response to a decline in sales.

Source: Reuters