GELYY Geely Automobile Holding Ltd (PK)

   By Dominic Chopping 
 

STOCKHOLM--Swedish savings and insurance provider Folksam has bought further preference shares in Geely-owned Volvo Car Corp. from a Swedish state pension fund for 750 million Swedish kronor ($83.2 million), it said Friday.

The acquisition brings Folksam's total investment in Volvo Cars to SEK1.75 billion.

"This investment gives our savings a good risk-adjusted return, while giving them the opportunity to increase their ownership in a company with strong ties with Swedish industry," says Michael Kjeller, head of asset management and sustainability at Folksam.

"Volvo Cars is today profitable, has a clear growth plan and high ambitions when it comes to issues like electrification strategies and self-propelled cars," he said.

The preference shares will be converted into common stock should the company list.

Write to Dominic Chopping at dominic.chopping@wsj.com; @domchopping @WSJNordics

(END) Dow Jones Newswires

December 21, 2018 04:39 ET (09:39 GMT)

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