BAE and partner to sell Land Systems South Africa

11th Aug 2014 13:51

BAE Systems is planning to sell its stake in its jointly owned company Land Systems South Africa (LSSA) for 855m rand (around £48m), it announced on Monday. The FTSE listee will sell its 75% interest in LSSA, while parter DGD Technologies Proprietary will also dispose of its own 25% stake in the business. The company, which employs around 500 people, will be purchased by Denel. The transaction is dependent on certain conditions being met. Shares had risen 1.59% to 428.10p by 13:51.NR