Boeing Asia Pacific Aviation Services Pte Ltd (BAPAS), a joint venture between SIA Engineering Company (SIAEC) and Boeing Singapore, will be ceasing operations in August.
The JV is 49%-owned by SIAEC while the remaining 51% is owned by Boeing Singapore.
The decision comes after shareholders have mutually agreed to do so after 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 in the region.
The cessation is not expected to have a material impact on SIAEC’s net tangible assets (NTA) per share or earnings per share (EPS) for the FY2022/2023.
Shares in SIAEC closed flat at $2.43 on July 19.
