MOSCOW (Sputnik) — Volvo Cars raised its capital for the first time since its ownership under Chinese car manufacturer Zhejiang Geely, a move which puts the Swedish car maker on the road back to the stock market, media reported Tuesday.
According to the Financial Times, Volvo raised 5 billion Swedish krona (approximately $533 million) in convertible preference shares from three Swedish institutional investors. This move was suspected to confirm "long-held rumors" that Volvo is seeking a listing in the stock market, the newspaper added.
In 2010, Volvo Cars joined Geely after a decade-long ownership under Ford Motor. Since then, the Swedish car manufacturer has thrived, having sales of 124 billion Swedish krona in the first 9 months of this year.
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