December 20, 2016 / 5:16 AM / 10 months ago

BRIEF-Volvo Cars issues SEK 5 bln in preference shares, mulling IPO

Dec 20 (Reuters) - Geely-owned Volvo Car Group:

* Says has raised SEK 5 billion from the sale of preference shares to a group of Swedish institutional investors

* Says today’s move is another step towards Volvo Cars’ long expressed ambition to act as a listed company

* Says the preference shares may be repurchased or converted into listed ordinary shares upon the majority shareholder’s decision. At this time, no decision has been taken.

* Says the issuance has been conducted to further diversify Volvo Cars’ long term funding sources

* Says the group of investors comprises two swedish pension funds, AMF and the first swedish national pension fund (AP1), and Folksam

* Says it intends to set up a joint venture with Autoliv

* Says the JV aims to design and manufacture separately-branded ad and driver assistance software technology packages for sale to third party OEMs (Stockholm Newsroom)

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