Geely Holding increases its holdings in Aston Martin to approximately 17%, becoming the third largest shareholder
Geely Holding now owns around 17% of Aston Martin, making them the third biggest shareholder
【PhoneAuto News】On May 18th, Geely Holding announced that it has reached a new cooperation agreement with Aston Martin, a British super luxury performance brand, and completed the increase of its stake in Aston Martin. After the increase, Geely Holding’s stake is about 17%, making it the third largest shareholder. It is reported that Geely Holding will have the right to appoint a non-executive director to join the Aston Martin board of directors, and also have a board observer seat.
In response to this, Li Shufu, Chairman of Geely Holding, said: “Increasing the stake in Aston Martin reflects our confidence in its growth prospects, technical strength and management team. Since we first acquired a minority stake in Aston Martin in September last year, we have been working with Executive Chairman Lawrence Stroll and his team in an open and cooperative manner, exploring technological synergy and new growth opportunities. Both parties will strengthen cooperation and fully tap the outstanding potential of this legendary super luxury performance brand to help it achieve long-term sustainable growth.”
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Aston Martin Board of Directors Executive Chairman Lawrence Stroll said: “The achievement of this cooperation is a key part of realizing Aston Martin’s grand blueprint. Since acquiring a stake in Aston Martin for the first time last year, Geely Holding has been full of expectations for Aston Martin’s long-term growth and success. Working with Geely can allow us to have a deeper understanding of China’s strategic growth market and have the opportunity to obtain a series of advanced technology support from Geely. Both parties share the same development vision for Aston Martin, which has enabled Geely to become a more important shareholder. This transaction has established a more long-term partnership between the two parties, and I believe that this cooperation will create significant value for all shareholders.”
Recently, Geely Holding Group and Changan Automobile signed a strategic cooperation framework agreement.
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