Saudia increases stake in technical subsidiary SAEI

SAEI, which is nearing to completion of an aircraft maintenance facility in Jeddah, has a high level of 'Saudisation' said Saudia
Saudia increases stake in technical subsidiary SAEI
By Reuters
Thu 10 Mar 2016 11:48 AM

State-owned Saudi Arabian Airlines (Saudia) has re-acquired a 30 percent stake in technical subsidiary Saudi Aerospace Engineering Industries (SAEI), it said in a statement carried on state news agency SPA on Wednesday.

SAEI was spun off from Saudia as part of a privatisation effort in 2009 and sold 30 percent of its shares to the Trabut Group in 2013, according to its website.

Saudia said the decision to buy the stake back from Trabut was a move to standardise procedures, while also mentioning a high level of 'Saudisation' within SAEI and the nearing to completion of an aircraft maintenance facility in Jeddah.

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