SIAEC completes acquisition of 49% share capital of PAES

Further to the announcement dated February 13, 2020, SIA Engineering Company Limited (SIAEC) has released that SIAEC’s acquisition of 49% of the share capital of PAES was completed on August 10, 2023. The consideration for SIAEC’s acquisition of the 49% stake from Pos Aviation Sdn Bhd (PASB) was MYR4 million in cash. This was arrived at after arm’s-length negotiations on a willing-buyer, willing-seller basis, and after considering, inter alia, the net asset value and financial performance of PAES.

Following completion of the acquisition, PAES has become an associated company of SIAEC, and PASB holds the remaining 51% of the share capital of PAES. This acquisition expands SIAEC’s geographical presence to 36 stations in eight countries, enabling it to serve an even broader customer base across multiple locations in the Asia-Pacific region. The relative figures computed pursuant to Rule 1006 of the Listing Manual of the Singapore Exchange Securities Trading Limited are less than 5%. The 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 March 31, 2024.

Pos Aviation is a licensed independent ground handler in Malaysia that provides comprehensive services to commercial and private airlines operating into and through Malaysian airports. This includes five main business segments comprising ground handling, cargo handling, inflight catering, aircraft maintenance and engineering as well as regional eCommerce distribution hub. (£1.00 = MYR5.83 at time of publication).