IMPORTANT NEWS: National Electric Vehicle Sweden has agreed to buy the assets of Saab Automobile and the sale is expected to be finalized during the summer.

Friday, May 6, 2011

Saab files application to National Debt Office regarding new owners

Today the Swedish National Debt Office has received an application from Saab to approve new part owners. The companies that wants approvals are Hawtai Motor and Gemini Investment Fund. Hawtai is of course Saab's new Chinese strategic partner which wants to buy up to 29.9 of Saab by investing EUR 120 million in Spyker Cars and giving Saab a EUR 30 million convertible loan. The other company who want approval, Gemini, is the company that made short-term funding available through a EUR 30 million convertible loan. According to AFM Gemini already owns 8.11 per cent of Spyker Cars and needs an approval to increase the ownership to 10 per cent or more.

According to TT, Unni Jerndal from the National Debt Office said the following about the application:
- We have received an ownership application on emails from Saab regarding both Hawtai Motor Group Company and Gemini Investment Fund Limited. We will start the work immediately.

I guess the good guys at the National Debt Office need to get back into scrutiny mode.