Kuwaiti firm puts Aston Martin stake up for sale

[Plex]

The Kuwaiti-based investment firm that partnered with Prodrive�s David Richards and US banker John Sinders back in March to purchase Aston Martin from Ford is now offering its stake in the niche carmaker for an estimated $1 billion. Investment Dar Co. paid roughly $480 million for a 50% share of Aston Martin and the investment firm is now hoping to sell it for double that amount.

�We are receiving bids daily,� revealed Amr Abou el-Seoud, Investment Dar�s executive vice president who spoke with reporters from Malaysia�s Business Times. �We�re getting bids at a 50% profit but want at least 100% to make it worthwhile�, he added.

However, el-Seoud also mentioned that any sale is at least a year away and the firm is not currently in any negotiations, but will instead focus on developing new models and opening new dealerships. If any of the disappointed bidders that missed out during the initial Aston sale are still interested they may just get a second chance, albeit at double the price.

Motorauthority

[Plex]

Kuwait buyer of Aston Martin gets offers

KUWAIT (Reuters) - Kuwait's Investment Dar said it has received offers worth about $720 million (361 million pounds) for its stake in British luxury carmaker Aston Martin, less than two months after it bought the stake and 50 percent more than it paid.

The Kuwaiti holding company was part of a group fronted by former Benetton and BAR racing boss David Richards that bought Aston Martin from Ford Motor in March for 479 million pounds.

Investment Dar took a 50 percent stake in the carmaker made famous by James Bond films.

"We are receiving bids daily," Investment Dar executive vice-president Amr Abou El Seoud said in a statement to Reuters in response to questions. "We're getting bids at a 50 percent profit."

Investment Dar told the Kuwaiti bourse on Saturday it had received offers, without disclosing a value.

The company will probably hold onto its stake for at least a year before selling a portion, Seoud said.

"We have a plan and strategy that we would love to see implemented before thinking seriously about selling," Seoud said, without giving details about the plan.

"We are not expected to exit but rather to diversify to seek value-added investors to share with us," he said.

Ford retained a 40 million pound investment in Aston Martin.

Reuters

[MG Man]

must not be a nice feeling to be an Aston employee right now
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I know it's so, for I told me so