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.

Saturday, October 1, 2011

Swedish Automobile preparing for Chinese owners

Corrected the sentence about the investment amount EUR 245 million

Saab's parent company, Swedish Automobile, has called an extraordinary general meeting 11 November. The object of the meeting is to determine how many shares the two Chinese soon to be owners Pang Da and Youngman are to buy and to which share price. The investment amount of EUR 245 million is not an issue. The meeting will also vote on making changes to the board.

Youngman has agreed to take a 29.9 per cent stake in the company and Pang Da a 24 per cent stake. These investments are still subject to an approval from Chinese authorities. An approval which is expected to be granted in the next 4-5 weeks.

Swedish Automobile will go from a two-tier board (management board and supervisory board) to a one-tier board at the general meeting. When the Chinese have made the investments, the following board is proposed:

Non-exclusive members:
  • Mr. V.R Muller (Chairman)
  • Two independent members
  • Mr. Qingha Pang (Pang Da)
  • Mr. S. Cai (Pang Da) 
  • Mr. Qingian Pang (Youngman)
  • Mr. B. Hamsten (Youngman)

Exclusive members:
  • Mr. M. Larsson
  • Mr. R. Schuijt

Biography of the proposed board members (documents published by Swedish Automobile):

Bengt Hamsten (65) is professor in Mechanical Engineering at Chongqing University in China since 2007. He is widely experienced in the fields of automotive vehicle technology, product development processes and innovation and technology management.

In his former position, Mr. Hamsten was CEO of the MAN Truck and Bus division in China, and member of the board of directors of MAN Nutzfahrzeuge AG in Germany. This company, part of the MAN Group, produces and sells more than 70,000 heavy trucks and buses per year with a turnaround of EUR 8 billion. He also was vice-chairman of the board of directors of Lion’s Bus Co. Ltd. in Zhengzhou. Mr. Hamsten was responsible for a restructuring of the commercial vehicle business in China.

Mr. Hamsten was born and educated in Sweden; he holds a master degree in mechanical engineering form Chalmers University of Technology in Gothenburg (1969). Having worked at the Volvo Group in Sweden from 1971-1990, he joined the Daimler Group in Germany. From 1990-2001, Mr. Hamsten held the position of Executive Managing Director and was responsible for engineering, research & development at EvoBus GmbH, which company is part of the Daimler Group. He has 15 years experience in the car business.

Martin Larsson, (42), is Director Business Development of Saab Automobile AB (“Saab Automobile”) in Sweden.

Mr. Larsson started to work for Saab Automobile in 2003 as project leader cost
reduction. After having worked at the Finance Department in 2005 he joined the Purchase Department.

 Before his employment at Saab Automobile, Mr. Larsson worked for Suzuki Hamamatsu in Japan and for Adam Opel AG in Germany. Mr. Larsson has a science Masters degree in mechanics from the Royal Institute of Technology in Stockholm, Sweden (1994) and is a major in economics at the University of Stockholm (1993).

Mr. Qingnian Pang (53) was chairman and head and secretary of CCP of Youngman Automobile Group Co since Youngman Automobile Group Co. was founded.

Mr. Pang was honored as National Excellent entrepreneur in towns of China and
National vice president of enterprise in towns of China in 1993, as National Working Model in Agriculture in 1994, as National Innovation Master in 2004, as China Operation and Management Master in 2005, as CCTV China Economic Men of the year 2006 top 50 and Zhejiang Business Men of the year 2006 top 10 and Successful Independently Innovative Entrepreneur in 2006. In 2007, Pang Qingnian actively responded the Party's call of building an "resources saving and environmentally friendly" society; studied Ministry of Communications' Energy Saving & Emission Reduction subject; took Deputy Head of Transport Equipment and Safety & Fuel Saving Committee of Road Transport Association, and was delegate of the 12th Zhejiang Party Congress Representative of the 7th Zhejiang National Congress. He was Awarded the honorary title of Zhejiang Economic in 2008, was elected as Professional Committee of China Energy Conservation Association on July 20th 2009, and was elected as civilian battalion enterprise development association fourth
session of council vice president on November 30th 2009. During November, 2009 to October, 2011, he was hired as a part-time professor by Zhejiang Normal University's Institute. He was Awarded as “Zhejiang NEW”By the Zhejiang Provincial Administration for Industry and commerce, Zhejiang province private Enterprise Association in 2009.

 During November 11, 2009 to 15, 2009, he attended Singapore APEC CEO Summit (APEC). He was selected as Deputy director of the professional committee of China's Ministry of transport transportation energy saving energy saving association on March 30th 2010 and was selected as “Excellent Chinese private enterprises new" in 2010.

Mr. Qinghua Pang (56), is chairman and general manager of Pang Da Automobile Trade Co., Ltd, which had its IPO at the Shanghai Stock Exchange on April 28, 2011.

Mr. Pang graduated from the Chinese Food University majoring in economic
management in 1989 and Fudan University with an EMBA of Automobile Marketing in 2004.

Having worked for 20 years at various companies in the city of Luanxian, he held several management positions Tangshan Jidong Electromechanical Equipment Company from 1992 until 1995. From August 1995 to March 1997, he combined being vice-general manager in Yuanda Development Company with the position of general manager in Yuanda International Trade Company. From 1999 to March 2008, he worked for Jidong Trade Company as president and general manager; he was also secretary of the Party Committee.

 Presently, Mr. Pang is the chairman and general manager of Pangda Group, chairman of Jidong Trade Company, executive director of Zhongji Leye(Beijing) Real Estate Development Company and vice-chairman of China Automobile Dealers Association.

Mr. Sujia Cai, (53), joined Pang Da Automobile Trading Co., Ltd. In May 2011. As Deputy General Manager he is responsible for the Saab brand cooperation between China and Sweden within the Pang Da group. This includes the strategic planning for the Saab brand in China in the fields of marketing, import, product marketing, car import, product improvements in China, establishment of market system and organization operations.

Mr. Cai is also committee member of the Institute of the Chinese marketing expert committee. 

In his former position, he was deputy general manager of China FAW Group Corporation; deputy General manager of Beijing Hyundai Motor Company, responsible for marketing and brand strategy; established the second largest sales joint venture for Korea Hyundai in China—Hyundai TOP-Selection U-CAR company. Mr. Cai has over 30 years experience in the automobile business.

Mr. Cai has an MBA in economics.