The firm is looking at raising close to $1 billion to refinance some of its debts and is willing to sell a portion of its Aston Martin stake on behalf of itself and some of its partners, according to its executive vice-president Amr Abou El-Seoud, who spoke with Reuters.
"We have offers ... we are in talks but the (sale) should be value-added whether financially or technically," he revealed. "It (could) be a maximum 10 to 20% of the company to be taken out of all investors, in other words, Dar's dilution might be in 5 to 10%."
Seoud also mentioned that there is a high chance that a deal will be reached soon, and that further down the track his company maybe even sell shares in Aston Martin to the public.
Like most carmakers, Aston Martin has been hit financially by the global economic crisis and revealed earlier this month that it will be shedding up to a third of its workforce, or about 600 employees. However, Seoud stressed that his firm is not walking away from the carmaker and that there are plans in place to continue developing new models and open new dealerships.
Reader Comments
Tue May 8 2007 3:19 PM
biturbo says
Richards and Sinders nobody told you??
Never do business with arabs!
Sun Dec 14 2008 7:39 PM
Chris says
that last line should be amended: "not" instead of "now". a little confusing.
Sun Dec 14 2008 8:00 PM
samuelesm says
Yes, don't listen to those terrorists Muslims.
Tue Dec 16 2008 6:42 AM
Edward says
The above comments are not only off-topic, but are also demeaning and uncalled for.
The Kuwaitis are not immune to the current crisis, so they too are cutting back a bit on their investments.
Sat Dec 20 2008 5:37 AM
rashid khan says
Rashid Khan
A Saudi Prince is considering to buy the Aston Martin Company
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