Riyadh – Sharikat Mubasher: Saudi Arabia’s Public Investment Fund (PIF) acquired more stakes in Aston Martin Lagonda Global Holdings.

Aston Martin has raised $277 million through selling new stocks to pay off its high-interest debt and raise money for its strategy to switch to electric cars, the company said in a statement.

The company revealed that it has offered 58.2 million new ordinary shares at 371 pence each.

Major backers, including chairman Lawrence Stroll's Yew Tree consortium, Saudi Arabia's Public Investment Fund, Geely International and Mercedes-Benz Group, agreed to buy.

Stroll clarified that this step will allow Aston Martin to recover its most valuable debt and achieve a sustainable positive free cash flow.

The car manufacturer made efforts to return to profit, including successive increases in its capital.