February 25, 2011 / 9:33 AM / 9 years ago

UPDATE 1-Spyker says revalues Saab assets

* Saab assets revalued at 132.3 million euros

* Gain positive for Spyker 2010 results, due on March 25

(Adds details, background)

AMSTERDAM, Feb 25 (Reuters) - Spyker Cars SPYKR.AS, the loss-making Dutch sports car maker which acquired much larger Saab last year, on Friday said it had revised the value of its Saab assets to 132.3 million euros ($182.9 million), from 54.4 million euros.

Spyker, which paid $400 million for the Swedish brand last year, had been expected to revalue the assets. Hans Go, chief financial officer, said the value had been revised up by 77.9 million euros, giving a total of 132.3 million euros.

Spyker said added in a statement it was required to recognise the resulting gain as a profit on closing.

“This gain positively impacts the company’s result and equity for 2010,” Spyker said.

On Thursday, Spyker announced plans to sell its luxury sports car business to Russian investor Vladimir Antonov to focus on the Saab brand. The sale, which could fetch 32 million euros in total, will enable Spyker to pay down debt. [ID:nLDE70H0JA]

Spyker shares rose as much as 13 percent on Thursday’s news, and continued to rally on Friday, up 2.7 percent at 0911 GMT. ($1=.7233 Euro) (Reporting by Sara Webb; Editing by Hans Peters)

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