SIA Engineering Company Limited (SIAEC) has signed an agreement with SR Technics to acquire a 75% stake in SR Technics Malaysia to form a component MRO joint venture (JV).
The JV will complement SIAEC’s existing component repair and overhaul services and fleet management programmes. This follows the earlier announcement in March last year of the potential acquisition (in part or whole) of SRT Malaysia, located in Selangor, Malaysia.
Under the agreement, SR Technics will retain the remaining 25% stake. The consideration for the acquisition of SR Technics’ 75% stake in SRT Malaysia is USD 3.75 million in cash. Based on SRT Malaysia’s adjusted net tangible assets as at 30 November 2021, the net asset value of the SRT Malaysia shares acquired by SIAEC is USD2.62 million.
“The setting up of this component repair and overhaul JV with SR Technics in Malaysia is a significant step in our strategic plan to grow our component repair and overhaul services network under our recently announced Component Services Division,” said Ng Chin Hwee, Chief Executive Officer of SIAEC. “The JV will complement SIAEC’s existing portfolio of engine and component JVs with leading Original Equipment Manufacturers (“OEM”), and will be an additional platform that will broaden the scope of component repair and overhaul services that SIAEC offers to its airline customers and OEM partners.”
“With SIAEC becoming a JV partner of SR Technics Malaysia, we are convinced that both partners will benefit from the new synergies created by this JV,” said Jean-Marc Lenz, Chief Executive Officer of SR Technics. “SR Technics Malaysia will continue to provide high quality, reliable services, and operational excellence to support the engine component repair requirements of SR Technics. Partnering with SIAEC will not only enable us further to increase the business volume on existing repair capabilities, but it will also allow us to jointly develop new repair capabilities for new engine types and aircraft platforms.”
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