SIA Engineering Company (SIAEC) S59 has incorporated a wholly-owned subsidiary, Base Maintenance Malaysia (BMM), in Malaysia.
In a Sept 27 announcement, SIAEC says BMM was incorporated for the purpose of carrying out aircraft maintenance, repair and overhaul (MRO). Its issued and paid-up capital is RM100 ($29.14).
The incorporation of the subsidiary is not expected to have a material impact on the net tangible assets per share or the earnings per share of the SIAEC Group for the financial year ending March 31, 2024.
In a separate announcement on Sept 27, SIAEC subsidiary Asia Pacific Aircraft Component Services (APACS) says it has been awarded additional licences by Nasdaq-listed conglomerate Honeywell.
These licences enable APACS to perform repair activities on Honeywell's Air Data Inertial Reference Unit (ADIRU) and Pre-Cooler Control Valve (PCCV) products, and to explore associated material supply opportunities.
The first licence encompasses a 10-year programme, allowing APACS to perform repairs on Honeywell ADIRU products for Airbus aircraft. This complements the licence granted to APACS last year for Honeywell ADIRU products for Boeing aircraft.
See also: Interra Resources granted 12-month extension to meet SGX watch-list exit requirements
The second licence is a seven-year repair and material supply programme, which enables APACS to perform repair activities for Honeywell PCCV products used on Boeing 737 aircraft.
These programmes also enable both parties to explore marketing and sales opportunities for spare parts across various aircraft types.
The ADIRU is a key component of the integrated Air Data Inertial Reference System, which supplies air data and inertial reference information to the pilots’ electronic flight instrument system displays, as well as other systems such as the engines, autopilot, aircraft flight control system and landing gear systems.
See also: First Sponsor Group ups stake in Dutch property firm NSI for $26.6 mil
The PCCV controls the amount of fan cooling air that flows through the pre-cooler, resulting in a controlled bleed air outlet temperature.
Eric Ai, vice president, airlines, Asia Pacific, Honeywell Aerospace, says: “We are thrilled about this extended partnership with APACS. Our successful track record of working with leading aerospace companies ensures that we are well-equipped to supply quality component parts and repair services. We also look forward to opening new avenues of collaboration in the future, to continue boosting APACS’ capabilities in servicing the civil aviation industry in the region.”
Wong Yue Jeen, chairman of the board, APACS, says: “We are excited to strengthen our collaboration with Honeywell, enhancing our capabilities, particularly in ADIRU and PCCV repairs. This significant milestone underscores our commitment to deliver superior aviation solutions and better support the global aviation industry. With our extensive market reach and Honeywell's high-technology products in aerospace, we anticipate significant synergies and opportunities ahead.”
As at 4.36pm, shares in SIA Engineering are trading flat at $2.35.
