SIA Engineering Company (SIAEC) has entered into an agreement with Pos Aviation (Pos Aviation), a wholly owned subsidiary of Pos Malaysia Berhad (Pos Malaysia), to acquire a 49% stake in Pos Aviation Engineering Services (PAES).
Under the agreement, Pos Aviation will retain the remaining 51% stake. The indicative consideration for the acquisition of Pos Aviation’s 49% stake is MYR10.087 million in cash. Based on PAES’s adjusted net assets as at July 31, 2019, the indicative net asset value of the PAES shares acquired by SIAEC is MYR10.087 million.
PAES has operations in Kuala Lumpur International Airport and nine other stations in Malaysia. These stations will complement SIAEC’s existing network of Line Maintenance International stations, which will grow to 46 airports in nine countries including Singapore.
