McLaren is likely to be fully owned by state of Bahrain as per latest report of Mumtalakat increasing its shares to be the sole holder.
The company’s structure change could see Gulf state’s investment fund company Mumtalakat increase its shareholding in McLaren Group, which could lead to the state of Bahrain becoming the sole shareholder after completing a deal with minority holders.
Sky News reports that there are discussions to convert the 20% equity into new contracts, which will lead to the state of Bahrain becoming the sole shareholder. The new contracts will have benefits such as initial public offering of McLaren.
It won’t be classified as shares, but. The deal is likely to be done this week, but Sky News got no confirmation from McLaren when asked. The idea is to simplify the capital structure and allow for better use of resources to grow at global level.
Mumtalakat recently tookover the shares of Saudi Arabia’s sovereign wealth funds and Ares Management, that it had in McLaren. This gave them larger control over the shareholding which could extend to a sole one, if the current deal is completed.
The report comes at a time when McLaren Group and Mumtalakat announced recapitalisation of the Group’s financial capital structure, i.e the combination of debt and equity, which the company uses to finance.
“Completing the recapitalisation is a significant step in the ongoing transformation of the Group and provides a solid platform from which to grow our product offering and brand presence,” said McLaren Group CEO Paul Walsh.
At the same time, H.E. Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Bahrain Mumtalakat Holding Company, added: “Today’s announcement is testament to the diligent steps that have been taken in what is a comprehensive and long-term plan with our partners to deliver an optimal governance structure as the Group continues to design and deliver the world’s most innovative and exhilarating supercars.”
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