Singapore’s SIA Engineering Company Limited (SIAEC) announced the expansion of the scope of its Services Agreement with Scoot to include the latter’s new Embraer E190-E2 fleet on Tuesday (Mar. 12).
The expanded scope of services will commence on 1 April 2024 to 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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