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The Korea Herald
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THE INVESTOR
March 19, 2024

Automobiles

Abu Dhabi SWF invests in Nexen Tire

  • PUBLISHED :July 21, 2017 - 17:10
  • UPDATED :July 21, 2017 - 17:10
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[THE INVESTOR] Nexen Tire  on July 20 announced that Abu Dhabi’s sovereign wealth fund Mubadala Investment Co. has made a strategic investment in the firm as it looks to accelerate global expansion. 

Mubadala will initially invest US$15 million to purchase 1.25 million shares of Nexen Tire, or about 1.3 percent stake, and further increase its funding in the future. The total investment figure hasn’t been decided, according to the firm. 

The two firms signed a memorandum of understanding in Abu Dhabi, with Nexen Tire CEO Kang Ho-chan and Khaldoon Khalifa Al Mubarak, managing director and group CEO of Mubadala, in attendance. 


From Left: Waleed Al Mokarrab Al Muhairi, deputy group CEO & CEO of Mubadala Investment Company, Khaldoon Al Mubarak, group CEO & managing director of MIC, Kang Ho-chan, Nexen Tire CEO and Frank Chung, vice president of Nexen Tire.



“This strategic partnership with Mubadala is a significant milestone for Nexen in our journey to becoming a global top 10 tire company by 2025,” Kang said. “This collaboration will accelerate Nexen’s growth in international markets.” 

The investment will help Korea’s third-largest tire maker to add new facilities globally as well as expand its supply channel in Europe and the US. 

The SWF, created earlier this year, after the merger of Mubadala Development and International Petroleum Investment, manages about US$125 billion of assets that makes the 14th largest SWF globally. It is active in over 30 countries, and focuses in sectors such as aerospace, semiconductors, renewable energy and utilities.

By Ahn Sung-mi (sahn@heraldcorp.com)

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