- Expansion of our regional base maintenance network
- Potential addition of two hangar facilities with a combined capacity of six simultaneous aircraft checks
Singapore. 05 April 2022. SIA Engineering Company Limited (“SIAEC” or the “Company”) today announced that it has signed a non-binding Memorandum Of Understanding (“MOU”) with Impeccable Vintage Properties Sdn Bhd (“IVP”), a wholly-owned subsidiary of Malaysia’s sovereign wealth fund Khazanah Nasional Berhad (“Khazanah”), to potentially lease two hangars located at Complex A, Sultan Abdul Aziz Shah Airport, Selangor, Malaysia (“Subang”).
Through this MOU, the parties will now work on the next phase of hangar technical assessment to ensure that the refurbished hangars will be future-ready to support the maintenance, repair and overhaul (“MRO”) of current and next generation aircraft.
Ng Chin Hwee, SIAEC Chief Executive Officer, said: “These hangars will strengthen our network of base maintenance facilities in the region, enabling us to cater to the varying needs and capabilities required by our customers. Along with our recently announced plans to acquire SR Technics Malaysia and POS Aviation Engineering Services, our growth in Malaysia will complement the capabilities of our Singapore hub.”
Mr Fuad Sharuji, IVP General Manager, said: “With a proven track record in MRO, SIAEC’s potential establishment in Subang, Malaysia, is well-positioned to further bolster the thriving aerospace industry in support of the Government of Malaysia’s aspirations. The potential lease by SIAEC will be a significant milestone in the growth and progress of the MRO sector in Malaysia, and will serve as an avenue which would benefit the local MRO industry.”
Datuk Arham Abdul Rahman, Chief Executive Officer of the Malaysian Investment Development Authority (“MIDA”) welcomed the MOU collaboration, stating: “The formalisation of this MOU between SIAEC and IVP represents a positive step towards facilitating the expansion of a renowned aerospace company like SIAEC. This will boost the growth of Malaysia’s cost competitive aerospace ecosystem, as it has been identified as a new economic growth area within our National Investment Aspirations (“NIA”) which focuses on high-impact and technological investments. Malaysia will undoubtedly continue to be an ideal investment hub for aerospace companies looking to expand their presence in ASEAN and beyond, owing to our strategic location, business-friendly policies, and skilled workforce capable of meeting the industry’s growing demand as we enter the endemic phase of COVID-19.”
None of the Directors and controlling shareholders of SIAEC has any interest, direct or indirect, in the transaction, other than through their shareholdings (if any) in SIAEC.
