BAE Announces Enhanced Partnership With Riyadh Wings
BAE Systems plc (‘BAE Systems’) announces a reorganisation of its portfolio of interests in a number of industrial companies in the Kingdom of Saudi Arabia and an enhancement of its existing relationship with Riyadh Wings Aviation Academy LLC (‘Riyadh Wings’).
Through a number of transactions, the reorganisation will bring together shareholdings of the BAE Systems group and Riyadh Wings in Saudi companies specialising in training, electronics and IT systems engineering under a single holding company. Riyadh Wings will progressively acquire a 49% stake in the holding company with BAE Systems continuing to hold a majority stake. The reorganisation is expected to enhance the growth prospects of these businesses in the Kingdom of Saudi Arabia. No material near-term impact on underlying earnings for the Group is expected to arise from these transactions.
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Ian King, Chief Executive, BAE Systems plc, commented: “BAE Systems is a longstanding partner of the Kingdom of Saudi Arabia, with an ongoing commitment to support the national agenda of developing an indigenous defence industry, supporting skills and technology development and increasing local employment. BAE Systems has worked successfully with Riyadh Wings for a number of years and they are well placed to partner with us in aviation-related activities. This enhancement of our relationship with our valued partner demonstrates the continued commitment to increase Saudi participation in our business in support of stated Saudi national priorities.”
Completion of the transactions to effect the reorganisation is conditional on the satisfaction of certain regulatory approvals.
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Source : BAE Systems PLC (LSE: BAES.L)