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PR Newswire
29-03-2019, 10:11 PM
SIA Engineering Company to Form Line Maintenance Joint Venture in Thailand
SIA Engineering Company Limited ("SIAEC") today announced that it has entered into a joint venture agreement with NokScoot Airlines Co., Ltd ("NokScoot"), to form a line maintenance joint venture based in Thailand. Under the agreement, NokScoot will hold an equity stake of 51% in the joint venture, with SIAEC taking the remaining 49% stake. The agreement is subject to the receipt of regulatory approvals.
The joint venture will have an initial registration capital of THB63,680,000, or approximately S$2,740,000. NokScoot will subscribe for THB32,476,800, or approximately S$1,397,000, in cash and SIAEC will subscribe for THB31,203,200, or approximately S$1,343,000, in cash in the joint venture.
The joint venture will commence operations in Don Mueang International Airport (DMK) and subsequently expand to other key airports in Thailand.
NokScoot is an associate of Singapore Airlines, as it is 49% owned by Scoot Tigerair Pte Ltd. Scoot Tigerair Pte Ltd is wholly-owned by Budget Aviation Holdings Pte Ltd, which is a whollyowned subsidiary of Singapore Airlines ("SIA").
More details in https://links.sgx.com/FileOpen/SGXNET_20...eID=549413
SIA Engineering Company Limited ("SIAEC") today announced that it has entered into a joint venture agreement with NokScoot Airlines Co., Ltd ("NokScoot"), to form a line maintenance joint venture based in Thailand. Under the agreement, NokScoot will hold an equity stake of 51% in the joint venture, with SIAEC taking the remaining 49% stake. The agreement is subject to the receipt of regulatory approvals.
The joint venture will have an initial registration capital of THB63,680,000, or approximately S$2,740,000. NokScoot will subscribe for THB32,476,800, or approximately S$1,397,000, in cash and SIAEC will subscribe for THB31,203,200, or approximately S$1,343,000, in cash in the joint venture.
The joint venture will commence operations in Don Mueang International Airport (DMK) and subsequently expand to other key airports in Thailand.
NokScoot is an associate of Singapore Airlines, as it is 49% owned by Scoot Tigerair Pte Ltd. Scoot Tigerair Pte Ltd is wholly-owned by Budget Aviation Holdings Pte Ltd, which is a whollyowned subsidiary of Singapore Airlines ("SIA").
More details in https://links.sgx.com/FileOpen/SGXNET_20...eID=549413
Specuvestor: Asset - Business - Structure.