Jackspeed Corporation says it has entered into a sale and purchase agreement with Mil-Com Investments to purchase 800,000 Mil-Com Aerospace shares representing an 80% stake for $6.3 million.

Mil-Com Aerospace is in the business of the provision of aerospace engineering support services, aviation training and consultancy services.

Jackspeed is currently engaged in the business of manufacturing, upholstering and designing customised quality leather products and accessories for the automotive, marine and aviation sectors.

“In view of the generally competitive business environment and challenging economic conditions, the Acquisition will provide a new business opportunity to the Group and serve as a new engine of growth for the Group, so as to enhance long term shareholder value,” says Jackspeed.