Two new holding on assessment by the Swedish Debt Office for Saab ownership


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Saturday, 07 May 2011
As the Chinese Hawtai want to get a stake in Saab, owner Spyker is also seeking the likes of a Bahamas Registered Gemini Fund to increase its stake in the company. An application for change of ownership from both parties have been received by the Swedish Debt Office, reports radio Sweden Friday.

"We have received an ownership application via emails from Saab for both Hawtai Motor Group Company and Gemini Investment Fund Limited. We started working on immediately," said the Swedish Debt Office’s communications official Unni Jerndal.


Gemini owns 8.11 percent of Spyker Cars, according to the Dutch financial authority AFM.
Because of the government loan guarantees, a review of the Swedish Debt Office is required as soon as the owner wants to increase ownership share larger than 9.99 percent. It remain however uncertain how much Gemini wants to increase its ownership in the company as  Unni Jerndal could not provide answer to the question.

On Monday it was announced by Spyker that they have obtained loan from the Gemini Fund of €30 million, approximately Skr 270 million, expected to help solve Saab's acute cash shortage.

Under the agreement between Saab and Hawtai presented on Tuesday, the Chinese carmaker is to invest EUR 120 million, approximately SEK 1.1 billion, to receive an ownership of up to 29.9 percent in Spyker. Hawtai will also lend €30 million to Spyker Cars.
By team

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