Riyadh - Sharikat Mubasher: The Saudi Arabian Military Industries (SAMI), a wholly-owned subsidiary of the Public Investment Fund (PIF), signed an agreement with Saudi Advanced Industries Company (SAIC) to acquire its full 10% stake in Alsalam Aerospace Industries, a recent statement unveiled.

The value of the deal will be determined upon completion of the calculation of the partners' own obligations according to the terms of the agreement.

The book value of the SAIC’s share in Al-Salam Aerospace Industries Company worth around SAR 19.52 million.

Al-Salam Aerospace Industries Company works in the field of military and civil aviation maintenance and aims to develop self-sufficiency in the field of civil and military aircraft maintenance, overhaul, and modification through the transfer of technology and the development of Saudi nationals.