SIA Engineering to provide component support coverage to Thai VietJet
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SIA Engineering Company (SIAEC) S59 has signed an inventory technical management programme with Thai VietJet, a low-cost carrier based in Bangkok's Suvarnabhumi Airport, Thailand.
The agreement will see SIAEC providing component support coverage to the airline's fleet of Airbus A320 aircraft over a term of 6 years, the mainboard-listed company said in a bourse filing on Thursday (Nov 4).
Under the programme, SIAEC will also provide comprehensive pooling, the repair and overhaul of airframe and engine components, as well as on-site stock in Bangkok to support the narrow-body operator within the Asia-Pacific region.
SIAEC does not expect the transaction will have a material impact on its net tangible assets or earnings per share for its current financial year.
Chief executive officer of SIAEC Ng Chin Hwee said: "With SIAEC group's strong technical capabilities, high-quality engineering support, vast experience and understanding of the maintenance, repair and overhaul needs of airline customers, we look forward to supporting Thai VietJet's growth in Thailand and in the international arena."
Thai VietJet has a fleet of 16 aircraft and operates domestic routes within Thailand, as well as international flights to Vietnam and mainland China.
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Shares of SIAEC closed at S$2.19 on Wednesday (Nov 3), down S$0.01 or 0.5 per cent.
READ MORE: SIA Engineering records 35.5% increase in net profit for Q1
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