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UAE's Mubadala open to selling SR Technics: executive

By Reuters

Abu Dhabi state-owned fund Mubadala is open to selling its aviation services unit SR Technics, an executive at the company said on Wednesday, confirming a previous media report.

"If someone comes for a prime price we will sell," Homaid Al Shemmari, Mubadala's head of aerospace and engineering services, told Reuters at a finance event in Abu Dhabi, though no-one had yet approached Mubadala to buy the unit.

Mubadala, whose main goal is to make investments which enhance the development of the local economy, has stakes in companies including General Electric and private equity firm Carlyle.

Mubadala was considering the sale of SR Technics and held talks with bankers about the matter, Bloomberg reported on February 23, citing sources familiar with the matter.

Mubadala had initially acquired a 40 per cent stake SR Technics in 2006 as part of a $1.3 billion takeover of the company, which was hived off from Swiss Air. Dubai Aerospace Enterprise and Dubai investment firm Istithmar each acquired a 30 per cent shareholding as part of the deal.

In 2009, Mubadala acquired the stake held by Istithmar and in 2011 it became sole owner of the company.