Additional scope is estimated to generate revenue of $52 million
-- Mainboard-listed SIA Engineering Company Limited (“SIAEC”) is pleased to announce the expansion of the scope of its Services Agreement with Scoot (“Scoot”) to include the latter’s new Embraer E190-E2 fleet.
The expanded scope of services will commence on 1 April 2024, and cover line maintenance and selected fleet management support services. This expanded coverage is for a period of 58 months, with an option to extend coverage for a further 24 months. The additional scope is estimated to generate revenue of $52 million over the 58-month period.
This 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 2024.
Mr Goh Choon Phong, a director of SIAEC, also sits on the board of Singapore Airlines, the parent company of Scoot. Save as disclosed, none of the Directors and controlling shareholders of SIAEC have any interest, direct or indirect, in the transaction, other than through their shareholdings (if any) in SIAEC.
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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 more than 35 airports in 8 countries, as well as airframe, engine and component services on some of the most advanced and widely used commercial aircraft in the world.
The 23 subsidiaries and joint ventures with original equipment manufacturers and strategic partners in Singapore, 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 29 national aviation regulatory authorities to provide MRO services for aircraft registered in the United States of America, Europe, China and other countries.
For more information, please contact:
Ms Tan May Lyn
Manager Corporate
SIA Engineering Company Limited
Tel: +65 6548 1157
E-mail: maylyn_tan@singaporeair.com.sg
