Kuwait buyer of Aston Martin gets $720mn offers

KUWAIT: Kuwait's Investment Dar said it has received offers worth about $720 million 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 $956 million.    

Investment Dar took a 50 per cent 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.

"We're getting bids at a 50 per cent 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.