WASHINGTON (dpa-AFX) - Volvo Cars has reportedly raised 5 billion Swedish crowns or about $532 million from a group of Swedish institutional investors, as Swedish auto giant nears towards its public listing.
The investors purchased newly-issued preference shares that would have 'an immaterial dilutive effect' on Geely's 100 percent ownership. About seven years Volvo was bought for about $1.8 billion from Ford by Chinese carmaker Zhejiang Geely Holdings.
'Today's move is another step towards Volvo Cars' long expressed ambition to act as a listed company,' Volvo said in a statement.
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