Saab AB acquires outstanding shares in Saab Grintek

Saab AB announced that following the transaction where Saab AB acquired the outstanding shares in Saab Grintek for SEK 240 million (R250 million) from Kunene Finance Company, Saab becomes the 100% owner of Saab Grintek.

"This transaction will allow for further co-operation between the defence-related operations in South Africa and the business units within Saab in other locations," said Kenth-Ake J"onsson, Executive Vice-President of Saab.

"Although we intend to integrate the defence business, Saab has initiated discussions with potential black economic empowerment (BEE) partners in order to accommodate the requirements from our customers and partners in South Africa," J"onsson further stressed.

"We have been involved in developing the Grintek business for many years. It is our belief that the defence businesses will benefit from further integration with Saab. We will continue our co-operation with Saab for other business opportunities in South Africa," said Zoli Kunene, Chairman of Kunene Finance Company.

Saab serves the global market with world-leading products, services and solutions ranging from military defence to civil security. Saab has operations and employees on all continents and constantly develops, adopts and improves new technology to meet customers' changing needs.