Emivest buys stake in Sino Swearingen

 - July 7, 2008, 8:07 AM

Dubai-based Emirates Investment & Development (Emivest) on June 4 obtained U.S. approval to acquire an 80-percent stake from the Taiwanese government in San Antonio-based Sino Swearingen Aircraft. An Emivest spokesman told AIN the remaining 20-percent share will be held by the Taiwanese government, as well as SJ30 designer Ed Swearingen and original investor Douglas Jaffe. Under terms of the deal, Emivest will pump a minimum of $150 million into the aircraft manufacturer to restart and accelerate production of the SJ30-2.