SIA Engineering Company Limited (SIAEC) has entered into an agreement with Jamco Corporation (JAMCO) to acquire JAMCO’s 20% stake in Singapore Jamco Services (SJS).
SJS, based in Singapore, was owned 80% by SIAEC and 20% by JAMCO. It is in the business of providing aircraft and cabin maintenance services. The consideration for the acquisition of JAMCO’s 20% stake in SJS is S$4.70 million in cash.
Completion of the acquisition has taken place and SJS is now a wholly-owned subsidiary of SIAEC. Consequently, SJS will be renamed as Singapore Aero Support Services. The acquisition is in line with SIAEC’s strategy to focus and grow its aircraft and cabin maintenance business.
In another statement, SIA Engineering Company Limited (SIAEC) announced that it has entered into an agreement with Jamco Corporation (JAMCO) for the sale of SIAEC’s 20% stake in Jamco Singapore Pte Ltd (JS) to JAMCO. JS was a joint venture between SIAEC (20%), JAMCO (75%) and Itochu Corporation (5%). It is based in Singapore and is in the business of manufacturing aircraft galleys, seats and cabin parts.