New Long Ma sells controlling stake

Fujian New Long Ma Motor Co Ltd, one of the major minivan producers in China, on Thursday sold a controlling stake to a consortium led by the main assets owner of Swedish automaker Saab Automobile AB.

It sold 65 percent of its shares to Sino-Sweden joint venture National Electric Vehicle Sweden AB and Beijing State Research Information Technology Co Ltd.

NEVS bought the main assets of Saab Automobile and its subsidiaries Saab Automobile Powertrain AB and Saab Automobile Tools AB as well as the Saab factory in 2012.