Saab signs a new memorandum of understanding (MOU) with Pang Da and Youngman as they agree to buy 100 percent shares of the Swedish company.
Based on this agreement, the Chinese firm buys 100% of the shares of Saab Automobile AB (Saab Automobile) and Saab Great Britain Ltd. (Saab GB) for a consideration of EUR 100 million. The sum will be paid in installments.
Swedish Automobile N.V. (SWAN) has the commitment of Pang Da and Youngman to provide long term funding to Saab Automobile as the guarantee of the deal. After all, they’ve been hurt before this way!
Final agreement between the parties is subject to a definitive share purchase agreement between Swan, Pang Da and Youngman, which will contain certain conditions including the approval of the relevant authorities, Swan’s shareholders and certain other parties.
The administrator in Saab Automobile’s voluntary reorganisation, Mr. Guy Lofalk, has withdrawn his application to exit reorganisation. The MOU is valid until November 15 of this year, provided Saab Automobile stays in reorganisation.