-- SIA Engineering Company Limited (“SIAEC”) refers to its announcements dated:
- 4 September 2023 in relation to the legally non-binding Memorandum of Understanding entered into by SIAEC and Xiamen Iport Group (“IPORT Group”) to explore Maintenance, Repair and Overhaul(“MRO”) opportunities in Fujian, China;
- 12 November 2024 in relation to the legally non-binding Framework Agreement for SIAEC to explore investing in Arport Aircraft Maintenance & Engineering (Fujian) Co., Ltd. (“Arport AME”),a subsidiary of IPORT Group providing line maintenance and ground services in airports in Fujian, China; and
- 10 March 2026 in relation to SIAEC Global Private Limited (“SIAEC Global”), which is a wholly-owned subsidiary of SIAEC, being awarded the bid for the acquisition of a 30% stake in the enlarged share capital of Arport AME at a subscription consideration of RMB129 million (the “Transaction”).
SIAEC wishes to update that it, together with SIAEC Global, has finalised and signed the agreements with Arport AME, the IPORT Group and the direct shareholders of Arport AME to effect the Transaction and establish an MRO joint venture in Fujian, China.
The consideration for the Transaction was arrived at based on the bid requirements, and after considering, inter alia, the net asset value and prospects of Arport AME. Based on Arport AME’s latest audited accounts as at 31 December 2024, the net tangible assets (“NTA”) amounted to RMB40.3 million. For illustrative purposes, after accounting for the cash injection, the pro-forma enlarged NTA of Arport AME will be RMB169.3 million, of which RMB50.8 million is attributable to SIAEC’s 30% interest.
The Transaction is subject to the satisfaction (or waiver) of various conditions precedent, including but not limited to the receipt of required regulatory approvals.
The relative figures computed pursuant to Rule 1006 of the Listing Manual of the Singapore Exchange Securities Trading Limited are less than 5%. The Transaction is not expected to have a material impact on the net tangible assets per share or the earnings per share of the SIAEC Group for the financial year ending 31 March 2026.
None of the Directors and controlling shareholders of SIAEC has any interest, direct or indirect, in the transaction, other than through their shareholdings (if any) in SIAEC.
* * * * *
About SIA Engineering Company (Company Registration No. 198201025C) www.siaec.com.sg
SIA Engineering Company (SIAEC) is a major provider of aircraft maintenance, repair and overhaul (MRO) services in Asia-Pacific. SIAEC has a client base of more than 80 international carriers and aerospace equipment manufacturers. It provides line maintenance services at over 30 airports in 9 countries, as well as airframe, engine and component services on some of the most advanced and widely used commercial aircraft in the world.
The 25 subsidiaries and joint ventures with original equipment manufacturers and strategic partners in Singapore, Cambodia, Hong Kong, Indonesia, Japan, Malaysia, Philippines, the United States of America and Vietnam increase the depth and breadth of the Company’s service offerings. SIAEC has approvals from 27 national aviation regulatory authorities to provide MRO services for aircraft registered in the United States of America, Europe, China and other countries.
About Xiamen Iport Group Co., Ltd
Xiamen Iport Group Co., Ltd, a modern state-owned enterprise, ranks among China’s top 500 multinational enterprise groups. It is engaged in the business of services and investment holding of trans-national and diversified businesses, primarily in four sectors: aviation management, logistics and supply chain business, tourist hotels and the development and management of ports in economic zones.
For more information, please contact:
Tan May Lyn Manager Corporate
SIA Engineering Company Limited Tel: (65) 6548 1157
E-mail: maylyn_tan@singaporeair.com.sg
