‘SAUDIS INTERESTED IN STAKE IN DENEL’
SAUDI Arabia has approached South Africa about taking a stake in struggling state-owned defence firm Denel, Foreign Affairs Minister Lindiwe Sisulu confirmed yesterday.
“There have been overtures by Saudi Arabia to buy a stake in our ailing Denel.
“I do not know what the outcome of those negotiations will be when it gets to the NCACC (National Conventional Arms Control Committee),” she said at a briefing.
The committee would consider the merits of the potential deal, including human rights considerations, she added.
Saudi Arabian Military Industries’ chief executive Andreas Schwer said last week that Saudi authorities were in talks about a possible stake in Denel.
South Africa’s defence industry once played a major role in its economy.