Large Purchase of GM Shares Announced

Filed Under Automotive News | Comments Off on Large Purchase of GM Shares Announced

In late November, an announcement was made showing just how excited potential buyers are for the re-entry of General Motors back into the market.

According to an article with the Detroit Free Press, one man bought 1% of General Motors. The article shares, “Saudi billionaire Price Alwaleed bin Talal said he now holds 1% of General Motors, for which he paid $500 million.”

Kingdom Holding is Alwaleed’s investment firm. The firm claims Alwaleed’s decision, “…was based on GM’s brand strength and growth prospects in China and Brazil.”

The same article shared that this investment is the second large investment to be announced thus far for General Motors, with SAIC Motor Corps. in China owning .97% of GM. This purchase consists of 358 million shares.

Our auto shipper companies finds these numbers astonishing, but also promising for General Motors’ future. We wonder who else will grab a big chunk of GM.

Comments

Comments are closed.