Pang Qinghua, the "old Pang" and CEO of Pang Da is extremely confident that the review of the relationship with Saab will come to a good end and the partnership between the three companies (Saab, Pang Da and Youngman) will be approved by the authorities.
He has asked Youngman CEO Pang Qingnian to submit the necessary documents for this process as quickly as possible, as the applications of all partners must be available for approval.
It is the usual NDRC approval process that is pursued in China by all companies seeking partnerships or holdings with foreign companies.
According to the plan, Pang Da will sell 2.000 Saab in China this year, both the Saab 9-5 and the new 9-4x and the “old” Saab 9-3. The first Saab are expected to arrive in October, and there will be 20 Saab sales outlets in the country by the end of the year. With his investment, Pang Da believes that it is well on the way to safeguarding its interests as a dealer as well as a partner in production.
In an interview with the China Car Times on June 16, old Pang said that a 10% stake in Saab would be enough and he could sell some of his shares. The reason for acquiring 24% is to be able to exercise the controller over Spyker or Swedish Automobile together with Youngman. Youngman acquires 29.9% of the shares.
Pang Quinhua expects to become CEO of the sales organization while the Youngman CEO will take control of the production.
Should old Pang turn down his 14% to Youngman, as would be expected, then they would exceed the magic 29.9%, would be the majority shareholder and would have the option to pay out the remaining shareholders.
The existing European shareholders will be the losers anyway due to the upcoming capital increase. Their shares will be watered down by the enormous increase. Until now, they had held a good 70% stake in Spyker, the share will then drop to below 17%. Only Victor Muller will continue to hold 29,9% of “Swedish Automobile NV”. He can convert credits that have flowed to him from Spyker into shares. With this trick he participates in the capital increase and retains his shares.