Admin
BAE Systems announced plans to bring together shareholdings of BAE Systems group and Riyadh Wings for Saudi companies specializing in training, electronics and IT systems engineering under a single holding company, OMC.
Riyadh Wings will acquire a 49% stake in the holding company with BAE Systems continuing to hold a majority stake, BAE Systems said Monday.
“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 defense industry, supporting skills and technology development and increasing local employment,” said Ian King, Chief Executive, BAE Systems.
According to BAE Systems, the reorganization hopes to enhance the growth prospects of these businesses in the Kingdom of Saudi Arabia.
OMC will compromise a 98 percent interest in Saudi Development and Training, 50 percent interest in Advanced Electronics Company and a 90.6 percent interest in International Systems Engineering, BAE Systems said.
