Investment Dar is in negotiations with a Saudi investor to sell 10% in the luxury carmaker Aston Martin, according to local reports.

The Kuwaiti newspaper al-Rai said the talks with the unidentified suitor were at an early stage. The newspaper didn’t say where its information had come from.

Investment Dar is Kuwait’s largest Islamic investment firm and bought a 50% stake in the UK carmaker in 2007.

Investment Dar refused to comment on the story.

In December, the investment company said it was considering offers to sell up to 20% of Aston Martin and wanted to borrow up to 300m dinars (US$1bn) to refinance debt.

The Kuwaiti investment firm is studying offers to sell a 10 to 20% stake on behalf of itself and some of its partners.