BAE Systems to sell stake in Land Systems South Africa

|About: BAE Systems PLC ADR (BAESY)|By:, SA News Editor

BAE Systems (OTCPK:BAESY +0.9%) has announced an agreement for the proposed sale of its 75% stake in Land Systems South Africa (LSSA) to Denel.

"This proposed divestiture will further focus our portfolio on our core capabilities and strong franchise positions in tracked, combat and amphibious vehicles and weapon systems,” says BAE Systems President Erwin Bieber.

LSSA is jointly owned by BAE Systems (75%) and DGD Technologies (25%) and will be sold for 855M Rand.