Arab Today, arab today bank clears sale of saab\s real estate
Last Updated : GMT 16:00:08
Arab Today, arab today
Arab Today, arab today

Bank clears sale of Saab\'s real estate

Arab Today, arab today

Arab Today, arab today Bank clears sale of Saab\'s real estate

Stockholm - UPI

The sale of troubled Swedish car-maker Saab\'s real estate won approval from the European Monetary Bank Monday. Bank spokesman Par Isaksson confirmed the move to the Swedish news agency TT. Swedish Automobile last week signed a pact to sell 50.1 percent of its property division to Hemfosa Fastigheter, a Swedish consortium, for 255 million kronor ($40 million). Swedish Automobile and Saab Automobile also announced Monday the signing of final agreements with the Chinese firms Pang Da Automobile and Youngman Passenger Car for 245 million euros ($356 million) in investments. Youngman is to develop three new vehicle lines for Saab, the 9-1, 9-6 and 9-7. Youngman chief executive Pang Qingnian said the deal yields the \"best of both worlds\" by combining the \"industrial and financial strength of Youngman Passenger Car with the state-of-the-art technical expertise of Saab Automobile.\" Both agreements still require approval from Sweden\'s National Debt Office.

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