Tag: Pang Da

About Pang Da Automobile Trade Co

Saab has signed a Memorandum of Understanding with Pang Da, otherwise known as the Pang Da Automobile Trade Co.

Interested Saab fans might be asking who is this most recent of suitors for Saab Automobile? Here’s a little of what I’ve been able to find:

  • Pang Da are essentially an automobile sales and service company. They are publicly listed, having raised close to billion in an IPO earlier this year, China’s second largest IPO for 2011 so far.
  • Pang Da have a sales, service and affiliate distribution network of more than 1,100 outlets across China and Mongolia.
  • In 2010, the company was ranked amongst the top 200 enterprises in China, and in the Top 100 service enterprises. It has consistently been listed first amongst automotive service organisations in China.
  • The company is based in Tangshan City, Hebei Province, around 150km east of Beijing.
  • As well as a number of domestic Chinese brands, Pang Da also distribute and service Toyota, Subaru, Audi, Mercedes Benz, Mazda and Honda vehicles in China.

Under the terms of the MoU signed between Saab and Pang Da, the deal is still contingent on certain conditions being fulfilled and documentation completed. There is still some distance to go, however it’s good to become acquainted with a potential future partner.

Press release: Saab Automobile and Spyker Enter Into MOU With Pang Da Automobile On Distribution/Manufacturing Partnership For China And Equity Participation

Trollhättan, Sweden – Spyker Cars N.V. (Spyker) announces today that Spyker and Saab Automobile AB (Saab Automobile) signed a Memorandum of Understanding (MoU) with Pang Da Automobile Trade Co., Ltd (Pang Da), China’s largest publicly traded automobile distributor with over 1100 dealerships nationwide. The MoU includes a strategic alliance consisting of a 50/50 distribution joint venture and a manufacturing joint venture (MJV) for Saab branded vehicles as well as for an MJV-owned brand (the so-called ‘child brand’) in China. Saab Automobile will have up to 50 percent in the MJV, with Pang Da and a to-be-selected manufacturing partner owning the remaining shares.

Pang Da shall make a EUR 30 million payment for the purchase of Saab vehicles and is expected to make an additional EUR 15 million for the purchase of more Saab vehicles within 30 days subject to certain circumstances. Additionally, Pang Da will take an equity stake in Spyker for a total amount of EUR 65 million at EUR 4.19 per share (the weighted average of the ten last trading days), representing 24 percent of Spyker on a fully diluted basis, and will have the right to nominate a member of the Supervisory Board of Spyker and /or the Board of Saab Automobile.

  • Spyker, Saab Automobile and Pang Da signed an MoU on the formation of a joint ventures with respect to distribution and manufacturing in the Greater China market, subject to definitive transaction documentation and certain regulatory approvals.
  • Pursuant to the MoU, Pang Da will transfer EUR 30 million to Saab Automobile as payment for the purchase of Saab vehicles and an additional EUR 15 million within 30 days for the purchase of additional vehicles depending on certain circumstances.
  • Pang Da will take an equity participation in Spyker for a total amount of EUR 65 million at EUR 4.19 per share representing up to 24 percent of Spyker’s outstanding share capital on a fully diluted basis.

The MoU between Spyker, Saab Automobile and Pang Da contains the principles on which the parties will establish a 50/50 joint venture for the distribution of Saab-branded vehicles in China.

Continue reading Press release: Saab Automobile and Spyker Enter Into MOU With Pang Da Automobile On Distribution/Manufacturing Partnership For China And Equity Participation

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