STOCKHOLM (Bloomberg) -- Spyker Cars NV, the owner of Saab Automobile, plans to tell shareholders in May whether it intends to list the company on the Swedish stock exchange, Spyker CEO Victor Muller said.
Spyker has no plans of issuing more shares but the Stockholm exchange may be a better market if the company decides to raise funds in the future, Muller said.
“We clearly have no intentions of diluting the shares,” he said. “We don't need the money. So we don't foresee any share issue at this time, but who knows, maybe in many years it becomes a vehicle for future funding.”
Spyker had 81 million euros ($108 million) in cash as of Sept. 30, excluding 114 million euros in “restricted” cash set aside for liabilities such as pensions. The company reported net debt of 82.5 million euros at the time.
Muller said last September that Spyker may add a listing in Stockholm to its Amsterdam Euronext trading by April 2011.
“I think the annual shareholders meeting is an ideal forum to look at what we're thinking in terms of the dual listing,” Muller said on Tuesday. The annual general meeting, where the issue now will be discussed, will be held May 19, he said.
Spyker, a Dutch super-car maker, bought Saab from General Motors Co. for $400 million in cash and preferred shares last February, as Saab was on the brink of shutting down.
Saab aims to sell 120,000 cars and become profitable by 2012.
Muller, who is Saab's chairman, reiterated that if Spyker enters the Stockholm exchange, it would also keep its Amsterdam listing for at least a period of time.
“You first have a dual listing, then you see where the trade is gravitating to,” he said. “Is it gravitating to Stockholm, as everybody is anticipating, or is most of the trades still taking place in Amsterdam? Then you make your decision” on whether to have only one listing.