Bahraini Mumtalakat Buys Saudi McLaren's Stake
Bahrain's state investment fund Mumtalakat is buying preference shares and warrants worth £400 million ($510.48 million) in carmaker McLaren from Saudi Arabia's Public Investment Fund and Ares Management, Sky News reported on Wednesday.
McLaren Records Losses up to BD52 Million Contrary to Mumtalakat Expectations
McLaren, luxury automotive manufacturer, recorded semi-annual losses of around £120 million (BD52 million), contrary to the company's announced outlook.
Will Bahrainis Pay McLaren's Bills before its IPO Again?
Bahrain holds the largest stake in a British luxury sports car manufacturer. However, this company is facing significant financial difficulties as well as challenges in the automotive industry in general.
Saudi PIF in Talks to Acquire Stake in McLaren
Saudi Arabia's Public Investment Fund and Ares Management will invest £400m into the British-based automotive giant, Sky News reported.
McLaren Considers Sale of Global Headquarters to Raise Cash
Luxury sports-car maker McLaren Automotive is considering a sale of its global headquarters as part of a refinancing strategy the company announced earlier this year.
The Crown Prince's Mask
It is very ironic that the Crown Prince's mask stirs the Bahraini public opinion more than the visit of U.S. Secretary of State Mike Pompeo, during which Salman bin Hamad promoted McLaren's first mask.
McLaren Issues £150 Million Shares in return of NBB Loan
McLaren's half-year financial statements showed that 653,651 shares were issued at £229.48 per share, with a total value of £150 million, in return of a loan from the National Bank of Bahrain. McLaren recorded the value of the loan in the company's equity clause.
Nasser Bin Hamad Takes on Funding of McLaren Cycling Squad
The Bahraini king's son, Shaikh Nasser Bin Hamad Al Khalifa guaranteed to keep supporting the Bahrain-McLaren cycling team, as car manufacturer McLaren looks likely to wind down their activity and sponsorship at Bahrain-McLaren at the end of the year, reported Cyclingnews.
Despite National Bank of Bahrain Loan, McLaren Needs More Money
McLaren Group says falling sales of its vehicles means that it will need to raise further funds, despite securing a life-saving 150 million pound ($190 million) loan in June.
McLaren Reportedly Looking To Sell Part of Its Formula 1 Team
McLaren is looking to sell a share of its Formula 1 team after months of hardship triggered by the coronavirus pandemic and the delayed start of the F1 season, the sports Car Scoops websites reported.
Motor Racing: McLaren's Formula One Future was Never a Doubt, Says Seidl
McLaren's Formula One future was never in doubt despite a cash crisis brought on by the COVID-19 pandemic and now resolved by a fresh injection of funds, team principal Andreas Seidl said on Tuesday.
National Bank of Bahrain Grants McLaren £150 Loan
The National Bank of Bahrain has granted a £150million loan to McLaren to help it cope with the aftermath of the Coronavirus pandemic.
Decision to Lend McLaren Taken outside NBB: Source
Who issued the decision to lend the McLaren Company a £280 million loan (BD 131 million)? Why did this happen without guarantees? What are the consequences of this decision?
NBB Admits Negotiations are at Advanced Level to Grant McLaren Loan
The National Bank of Bahrain stated that in the light of the recent reports, the bank is currently holding discussions with McLaren about credit facilities. These discussions are at an advanced stage and no agreement has been reached so far. However, these discussions may or may not lead to the extension of credit facilities.