March 19, 2019 / 9:25 AM / a month ago

Porsche SE says it raised voting rights share in VW

FILE PHOTO: Hans Dieter Poetsch, Chairman of the Volkswagen's supervisory board, speaks during the Volkswagen Group's annual general meeting in Berlin, Germany, May 3, 2018. REUTERS/Axel Schmidt

Stuttgart (Reuters) - Porsche SE, the holding company controlling Germany’s Volkswagen, on Tuesday said it raised its voting rights share in the carmaker to 53.1 percent from 52.2 percent.

“We continue to believe that Volkswagen group has a significant potential to increase its value and that its current capital market valuation does not reflect this,” Porsche SE’s CEO Hans Dieter Poetsch, who is also the chairman of VW’s supervisory board, said.

He added that Porsche SE would increase its dividend by 26 percent, to 2.21 euros ($2.51) per share and that the company expected a net income of 3.4 to 4.4 billion euros in 2019.

Reporting by Ilona Wissenbach; Writing by Tassilo Hummel; Editing by Riham Alkousaa

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