Agreements

SIAEC becomes a JV partner of SR Technics Malaysia

The completion of this transaction is subject to the satisfaction (or waiver) of conditions precedents set out in the agreement with SR Technics.
As per the JV, SIAEC will acquire a 75 percent stake in SR Technics Malaysia for USD 3.75 million in cash, while SR Technics will retain the remaining 25 percent stake.

This JV will complement SIAEC’s existing component repair and overhaul services and fleet management programs.

SIA Engineering Company and SR Technics have entered into a joint venture to form a component MRO. As per the JV, SIAEC will acquire a 75 percent stake in SR Technics Malaysia for USD 3.75 million in cash, while SR Technics will retain the remaining 25 percent stake. Based on SRT Malaysia’s adjusted net tangible assets as of 30 November 2021, the net asset value of the SRT Malaysia shares acquired by SIAEC is USD2.62 million.         

Mr. Ng Chin Hwee, Chief Executive Officer of SIAEC, said, “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.  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.”

Mr. Jean-Marc Lenz, Chief Executive Officer of SR Technics, said, “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.  SR Technics Malaysia will continue to provide high quality, reliable services, and operational excellence to support the engine component repair requirements of SR Technics Switzerland.  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.

This JV will complement SIAEC’s existing component repair and overhaul services and fleet management programs.

Read related stories Boeing’s Maintenance Performance Toolbox – one-stop digital solution to manage maintenance information

The completion of this transaction is subject to the satisfaction (or waiver) of conditions precedents set out in the agreement with SR Technics.