11:29 GMT09 August 2020
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    Volvo Cars raised its capital by 5 billion Swedish krona (approximately $533 million) in convertible preference shares from three Swedish institutional investors, according to media reports.

    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.

    Volvo has not confirmed these rumors, but sources close to the car manufacturer said that it was a very likely next step, the newspaper said.

    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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