In the wake of Saab's bankruptcy, Pangda sees stock price fall

2011-12-27 from: From

 With Saab having officially declared bankruptcy, once savior Pangda has also bore a significant part of the burden. The company's stock fell 7.44 percent yesterday, finishing at 6.47 yuan ($1.018), the Beijing News reported.

Pangda declared yesterday that it would try to retrieve the 45 million euro advance payment it made to the Swedish manufacturer earlier, but CEO Pang Qinghua said today that he was not entirely optimistic and had no choice but to wait and see how Saab's assets sold.

Due to negative expectations of Pangda and Youngman's buyout of Saab, the former's stock price has fell a total of 24.5 percent since February.