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Saab cash boost after property sale

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Saab cash boost after property sale
08:40 CEST+02:00
Saab parent company Swedish Automobile has signed an agreement to sell 50.1 percent of the shares in its property arm for 255 million kronor ($40 million), providing much needed cash for the crisis-hit Swedish car maker.

The buyer of the property has been named as Hemfosa Fastigheter, according to a company statement.

The buyer has the right to increase its stake in the property firm, for the duration of thirty days after completing the deal, bringing the possible purchase price up to 300 million kronor.

Saab Automobile will in due course sign a 15-year leasing agreement with Saab Property.

A further six demands were submitted to the Swedish Enforcement Authority overnight regarding outstanding payments owed by the cash-strapped firm.

The demands range from a couple of thousand up to 1.6 million kronor. The number of cases regarding the firm at the Enforcement Authority currently number 74.

"In total this concerns around 70-75 million kronor," said Fredric Orloff at the Authority.

The largest single demand, around 44 million, is from vehicle components firm IAC.

Swedish Metalworkers' Union (IF Metall) leaders Stefan Löfven and Veli-Pekka Säikkälä are due to arrive at Saab Automobile in Trollhättan on Tuesday.

"We are going to to have a meeting with the union chapter," said Lisa Wernstedt at the union.

She was unable to provide any further detailed information over the schedule for the day.

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