Boeing, SIA Engineering to shut down Asia-Pac joint venture
BOEING Asia Pacific Aviation Services (Bapas), a joint venture between Boeing Singapore and Singapore-listed SIA Engineering : S59 0%, intends to cease operations in August, SIA Engineering said in a bourse filing on Tuesday (Jul 19).
SIA Engineering said the decision was by mutual agreement of the shareholders due to “challenges arising from the changing business environment”.
Bapas was incorporated in Singapore in October 2015 to provide fleet-management services for airline operators of the 737, 747, 777 and 787 aircraft in the region.
Boeing Singapore owns 51 per cent of shares in the capital of Bapas, and SIA Engineering, the remaining 49 per cent.
The cessation of the business operations of Bapas is also not expected to have a material impact on the net tangible assets per share or the earnings per share of SIA Engineering for FY2022/23.
Shares of SIA Engineering closed flat at S$2.43 on Tuesday before the announcement.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
DBS customers unable to log into Digibank, PayLah! on Thursday
Japan’s Sumitomo Corp net profit down 32% on Madagascar one-off loss
Moody's tops quarterly profit estimates on strong product demand
Hong Kong regulator brings insider trading charges against Segantii and its founder
Novartis to buy radiology specialist Mariana Oncology for US$1 billion
Moderna beats quarterly estimates as cost-cutting pares losses