SINGAPORE—Singapore Airlines Engineering Company (SIAEC) has acquired all of Airbus Services Asia Pacific’s 35% share in Heavy Maintenance Singapore Services (HMSS), taking full ownership of the joint venture that was incorporated in October 2016.
The transaction is worth S$900,000 ($658,800). SIAEC also received nearly S$7.4 million in cash or 35% of the total paid up capital, pursuant to the termination of the joint venture. The net tangible assets value attributable to the sale is valued at approximately S$100,000.
SIAEC told Aviation Daily that the transaction was based on a joint review by both parties. It will enhance the company’s ability to better manage its hangar assets and to raise SIAEC’s maintenance capabilities for the Airbus fleet, SIAEC said.
HMSS was established in 2016 to provide airframe maintenance, cabin upgrade and modification services for A380 and A350s utilized by airlines in the Asia-Pacific region. The company operates from two hangars at Singapore Changi Airport and currently employs 336 staff.
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