FILE PHOTO: The Volvo logo is seen during the media preview of the 2016 New York International Auto Show in Manhattan, New York, March 24, 2016. REUTERS/Brendan McDermid/File Photo
December 16, 2019
STOCKHOLM (Reuters) – Chinese-owned Volvo Cars said on Monday it had issued convertible preference shares worth 5 billion crowns ($519 million) to a group of Swedish institutional investors.
Volvo, owned by China’s Geely Holding, said the proceeds from the shares would be used to refinance existing preference shares, which were issued in December 2016.
It added that the group of investors comprised Swedish pension fund AMF and Swedish insurance and pension savings group Folksam.
(Reporting by Helena Soderpalm; editing by Niklas Pollard)
