Press Release: Pang Da starts discussions with NDRC
May 23, 2011 in News
Pang Da Enters Procedure Discussions With Chinese Authorities To Obtain Necessary Regulatory Approvals For Investment In Spyker And Saab Automobile
Trollhättan, Sweden – Spyker Cars N.V. (Spyker) and Saab Automobile AB (Saab Automobile) confirm that Pang Da Automobile (Pang Da) has entered procedure discussions with Chinese authorities, including the National Development and Reform Commission (NDRC), to obtain regulatory approvals for the investment in Spyker and Saab Automobile. Spyker Cars is to be renamed Swedish Automobile N.V. shortly. The general meeting of shareholders has decided so.
Victor Muller, CEO of Spyker and Saab Automobile, said: “Based on our discussions with Pang Da we are confident that Pang Da will get the regulatory approvals needed to formalize the deal. I am very much looking forward to creating a strong business with Pang Da, initially in the distribution and subsequently in the manufacturing of Saab vehicles in China. What needs to be pointed out is that Pang Da’s advance payment and sales of imported Saab cars are not subject to approval from the NDRC. The first advance payment of EUR 30 million was received last Tuesday.”
Mr. PANG Qinghua, CEO of Pang Da, said: “The initial procedure discussions we have had with the NDRC were done in good spirit and all parties have a good understanding of the process going forward. We remain convinced that we will be able to get all the necessary documentation and approvals to successfully complete the transactions and look forward to our visit at Saab Automobile’s headquarters in Trollhättan, Sweden, later this week.”