Bahrain’s NBB to boost UK supercar group McLaren with $185 mln financing

Pato O’Ward, driver of the #5 Arrow McLaren SP Chevrolet, qualifies for the NTT IndyCar Series - Genesys 300 at Texas Motor Speedway on June 6, 2020, in Fort Worth, Texas. (AFP)

British supercar manufacturer McLaren Group, which includes the Formula One team, has arranged a 150 million pound ($185.2 million) financing facility with the National Bank of Bahrain (NBB), the Gulf bank said on Monday.

The COVID-19 pandemic has hit the company hard, with sales plunging during a factory shutdown. It announced 1,200 redundancies in May.

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“Final documentation has been signed and all the necessary approvals have been granted in relation to a ... 150 million (pound) financing facility,” NBB said in a bourse statement.

Bahrain sovereign wealth fund Mumtalakat Holding Co is the majority shareholder in McLaren Group, with a 56 percent stake.

Mumtalakat also holds a 44.06 percent stake in NBB while the government of Bahrain holds a 10.85 percent stake, Refinitiv data showed.

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Last Update: Monday, 29 June 2020 KSA 19:01 - GMT 16:01
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