Volvo Cars issues SEK 5 billion of preference shares to Swedish investors

STOCKHOLM (Reuters) - Chinese-owned Volvo Cars said on Monday it had issued convertible preference shares worth 5 billion crowns (£404.85 million) to a group of Swedish institutional investors.Volvo, owned by China's Geely Holding, said the proceeds from the shares would be used to refinance existing preference shares, which were issued in December 2016.It added that the group of investors comprised Swedish pension fund AMF and Swedish insurance and pension savings group Folksam.