The signing of this contract is a major accomplishment for SIAEC since it creates its third base maintenance hub in the Asia-Pacific area.
SIA Engineering Company Limited announced Memorandum of Understanding to potentially lease two hangars at Sultan Abdul Aziz Shah Airport, Selangor, Malaysia, from Impeccable Vintage Properties Sdn Bhd, a wholly owned subsidiary of Malaysia’s sovereign wealth fund Khazanah Nasional Berhad.
The signing of this contract is a major accomplishment for SIAEC since it creates its third base maintenance hub in the Asia-Pacific area. With the construction of the Subang Hangars, which can each hold two wide-body aircraft, SIAEC will be better equipped to provide complete maintenance, repair, and overhaul services for both current and next-generation aircraft to its growing list of airline clients.
Mr Chin Yau Seng, Chief Executive Officer of SIAEC said, “We believe that our investment in the Subang hangars complements our component and line maintenance joint ventures in Malaysia, allowing us to augment our extensive MRO offerings to our customers globally. With the expansion of our MRO network, this will further solidify our position as a leading provider of MRO services.”
Mr Fuad Sharuji, Chief Executive Officer of IVP said, “With a proven track record in MRO business, SIAEC’s establishment in Subang, Malaysia, will further bolster the thriving growth of Malaysia’s aerospace industry in support of the Government of Malaysia’s aspirations to position Malaysia as a leading aerospace hub in Southeast Asia and also in line with the Selangor Aerospace Action Plan 2020-2030, Malaysian Aerospace Industry Blueprint 2030 and 12th Malaysia Plan. The lease of the two wide-body hangars to SIAEC will further serve to benefit the local MRO industry and contribute to the Technical and Vocational Education and Training (TVET) program of the local aviation institutions.”
Datuk Wira Arham Abdul Rahman, Chief Executive Officer of the Malaysian Investment Development Authority, said, “The formalisation of this lease agreement between SIAEC and IVP underscores a robust commitment from a prominent global aerospace MRO company like SIAEC to establish roots in Malaysia. It stands as a testament to the nation’s competitive edge in the aerospace ecosystem. SIAEC’s reputation in delivering comprehensive MRO solutions will contribute to bolstering Malaysia’s aerospace sector, establishing the nation as an ideal investment hub for aerospace companies seeking expansion within ASEAN and beyond.”
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For the fiscal year that ends on March 31, 2024, the SIAEC Group’s net tangible assets per share and earnings per share are not anticipated to be materially impacted by the transaction.
