Signal: Saudi Advanced Industries sells stake in Al-Salam Aerospace

Saudi Advanced Industries announced the signing of an agreement to sell its entire 10% stake in Al-Salam Aerospace Industries to Saudi Arabian Military Industries (SAMI), which is affiliated to the Public Investment Fund.

In a statement to the Tadawul stock exchange on December 13, 2023, Saudi Advanced Industries said the book value of its stake in Al-Salam Aerospace was SR19.52 million ($5.2 million). Al-Salam Aerospace is a limited liability company established under the auspices of the Financial Compensation Program of the Ministry of Defense of Saudi Arabia.

The reason for the sale was stated as “due to losses” exceeding the capital of Al-Salam Aerospace Industries.

SAMI is a growing Saudi Arabian defense sector, active in all defense sectors and a key component of the country’s drive to reduce its reliance on foreign military imports.

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From GlobalData

The deal appears to be in line with the trend of the third quarter which saw an increase in mergers and acquisitions (M&A) in the defense and aerospace sector. In the North American sector alone, 30 M&A deals were announced in Q3 2023, worth a total of $5.9 billion, according to GlobalData’s Deals database.

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Read the original at Defence247.gr

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