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.

Thursday, February 9, 2012

Brightwell prepared to invest several hundred million euros in Saab

Yesterday Zamier Ahmed of Brightwell Holdings arrived in Sweden accompanied with Chairman of Brightwell, Alphan Manas. Today they will travel to Gothenburg and Trollhättan to meet their team of economists and engineers.

Zamier Ahmed of Brightwell Holdings

"I'm meeting my team who are on site and will get feedback from them, help them with the final valuation and meet other parties associated with Saab," Zamier Ahmed told Dagens Industri yesterday in Stockholm.

According to Ahmed, Brightwell has had a team of nine people on site in Sweden the past month. Their task has been to collect information and to assess the Saab assets.

"We have one engineering team and one financial team, both are reporting to me."

Also supporting Brightwell is Saab's former CEO, Chairman and major owner Victor Muller. In a text message to TT yesterday the Dutchman wrote the following:

"In my judgment, they have the best chance to restart Saab as an entire entity," Muller wrote.

One thing that cast some doubt over Brightwell's credibility is the question about their financial strength. Yesterday Dagens Industri wrote that Brightwell claims to be partly funding by oil interests in the Middle East. But at present very little information about Brightwell's funding is known.

And this begs the question if we want one more company which has limited funding and unknown backers buying Saab?

But according to Ahmed, money is no problem. Brightwell is ready to invest heavy in Saab.

"We're talking about several hundred million euros."

Brightwell also claims to have moral support from the Turkish state. But last year following the Saab bankruptcy when the interest from a Turkish company was made known, Turkey's Minister of Science, Technology and Industry asked Turkish companies to show great caution if considering buying Saab. He said that any Turkish company interested in Saab "should do a thorough profit and loss analysis" before acquiring Saab. I guess Brightwell's adding machines show big black profitable numbers now that they have the moral support of the Turkish state?

According to Ahmed the aim is unquestionably to place a bid on Saab. But the bid is still some days away from being submitted.

"Not during my stay here, but not too far away," Ahmed said.

"I think this can be a very successful business if it is managed proper and financially sound," said Ahmed who also said Saab has fantastic products and a brand with "a tremendous legacy".

To me this sounds too good to be true. It sounds too much like another Spyker-story. And that is a story I prefer not to experience again. But if Brightwell wins Saab, then I hope that I can be proven wrong and I will be more than happy to apologize for my skepticism.