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FINANCIAL NEWS
Kuwait’s Investment Dar seeking to sell Aston Martin
11 Nov 2012
(MENAFN) Kuwaiti Investment Dar is seeking investors to sell stake in luxury sports car maker Aston Martin, Bloomberg reported.
The firm, which owns 64 percent of the Aston Martin, has approached potential buyers for the James Bond movies’ favourite car, according to five people with knowledge of the matter.
Mahindra & Mahindra Ltd., the Indian automaker, is among potential suitors Investment Dar has approached in recent few months, two of the people said.
If Investment Dar, which invested USD805 million in Aston Martin, succeeds in sealing a deal, it would help its pay off debt.
However, a sale has proven difficult because investors were reluctant to match the price the Kuwaiti owner paid five years ago, said two of the people. Investment Dar has sought about USD800 million for its stake, one person said.
A representative at Investment Dar who asked not to be named denied the company is seeking to sell Aston Martin.
Janette Green, director of brand communications at Aston Martin, said Investment Dar isn’t considering a sale.
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