A top Aston Martin shareholder cut its stake in the UK automaker by nearly 5 percent, a regulatory filing showed on Monday.

Italian private-equity firm Investindustrial disclosed a stake of 14.99 percent in Aston Martin as of May 29, compared with its previous stake of 19.92 percent.

It was not immediately clear why the fund cut its stake.

Investindustrial is the company’s second-biggest shareholder after Canadian billionaire Lawrence Stroll, according to Refinitiv Eikon data.

The automaker in May posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the novel coronavirus outbreak.

Aston Martin and the PE firm did not immediately respond to requests for comment.

The automaker recently named Mercedes-AMG head Tobias Moers as its new CEO, replacing Andy Palmer who has stepped down.

Moers will replace Palmer on Aug. 1. Until then, manufacturing chief Keith Stanton will take over Palmer’s role.

Aston Martin’s shares have fallen by more than 90 percent since its initial public offering in 2018 as the company was hit by oversupply to its dealerships, and a global slowdown among luxury buyers.


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