Saturday, July 20, 2024
HomeAutomobileVolvo shares tumble to document low as dad or mum firm sells...

Volvo shares tumble to document low as dad or mum firm sells shares

Volvo automobiles seen outdoors a Volvo dealership in Edmonton, on October 26, 2023, in Edmonton, Alberta, Canada.

Artur Widak | Nurphoto | Getty Photographs

Volvo Automobiles shares tumbled as a lot as 14% on Friday morning after its dad or mum firm Zhejiang Geely Holding Group started a sale of round 100 million shares of the Swedish carmaker.

At 9 a.m. London time, shares of Volvo had been down by 10.31% after trimming some losses. Shares had fallen by as a lot as 14% earlier within the day and hit a document low, in line with Reuters knowledge.

Geely said in a press release earlier on Friday that it could launch additional shares of Volvo, which was in keeping with its long-term technique.

It mentioned the transfer was designed to extend liquidity of Volvo and “provide extra alternatives to generate sustainable long-term worth for institutional and retail traders.”

Geely will nonetheless maintain 78.7% of Volvo shares following the sale, the assertion mentioned. Geely beforehand owned round 82% of Volvo, placing the bought shares at over 3%.

Geely didn’t instantly responded to a CNBC request for remark. A spokesperson for Volvo Automobiles directed CNBC to Geely when requested for remark.

Source link



Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments