GCIS INTELLIGENCE BRIEFING: RADA Electronic Industries Signed Agreement to Sell Its Chinese Subsidiary

ISSUED BY: GCIS Communications Command Center

SOURCE: Defense Aerospace

16February2011 11:49amEST

GCIS INTELLIGENCE UPDATE: NETANYA, Israel --- RADA Electronic Industries Ltd. has announced today that its fully owned subsidiary, RADA Electronic Industries Inc., has signed an agreement, with a Beijing based company, to sell RADA Electronic Industries Inc. ownership interest in its Chinese subsidiary, Beijing HuaRai Aircraft Components Maintenance and Services Co., Ltd ("CACS"), in consideration for RMB 20,500,000 (approximately US$ 3,125,000).

The transaction, which is subject to the withdrawal of RADA Inc.'s local partner, Tianzhu Forest Development Co., from CACS and the receipt of certain approvals from the Chinese authorities, is expected to be completed during 2011.  (read full report)

 

 

 

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