Via SBB, Ilija Batljan bought up school properties, prisons and health centers and then rented them out – a business idea he saw as so solid that he took out huge loans. The loans in the property company have led to a debt crisis and now the founder Batljan is resigning.
In a press release, SBB writes that the board and Ilija Batljan agree that the company needs new leadership in the strategic review it plans to do. In that review, they look at the possibility of selling properties, or the entire company.
“My faith in SBB is intact and I remain as a board member” says Ilija Batljan, outgoing managing director of SBB in the press release.
It will be Leiv Synnes takes over as managing director already on Monday, June 5. He most recently comes from the property company Akelius.
SBB’s shares were suspended shortly before the press release was published. When trading resumed, the stock surged to a plus of around 40 percent, from an earlier plus of 20 percent earlier on Friday.
SBB is a small saver favorite with hundreds of thousands of Swedish investors. The company’s B share has fallen 75 percent on the stock market this year as a result of the company’s large loans, which are becoming more and more expensive with rising interest rates.
On Friday, the same share surged by more than 20 percent as a result of rumors that the company was about to find a buyer. The share price is just over SEK 4 on Friday, a good distance from the peak of almost SEK 60 at the end of 2021.
The text is updated.