Investment Dar, the Kuwait-based holding company that operates under Islamic law, has disclosed that it has been flooded with offers for its current stake in Aston Martin.
The group put up £240M for a 50% stake to help buy Aston Martin from Ford as part of a £479M bid fronted by Prodrive boss David Richards. Now, less than two months since the bidding process, it has been reportedly been offered £360M even before the completion of purchase.
"We are receiving bids daily," Investment Dar Executive Vice President Amr Abou El Seoud said. "We're getting bids at a 50 percent profit. The company will probably hold onto its stake for at least a year before selling a portion", Seoud added. "We have a plan and strategy that we would love to see implemented before thinking seriously about selling," although he declined to give any 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.
Another report has a source quoted as saying the group will not sell until it has made a 100% profit. Meanwhile, Richards has insisted there are no plans for an early exit.