SAIC to divest 10% stake in Alsalam Aerospace for SAR 100 mln

11/12/2018 Argaam

 

Saudi Advanced Industries Co. (SAIC) has inked a memorandum of understanding (MoU) with Saudi Arabian Military Industries Company (SAMI) to sell a 10 percent stake in Alsalam Aerospace for SAR 100 million.

 

The MoU will last for four months, the company said in a statement to Tadawul.

 

The relevant financial impact will be determined later. No related parties are involved in the deal, the statement added.

 

The company’s board of directors approved the offer which was received yesterday.

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