SIA Engineering Wins Bid to Buy 30% Stake in China's Arport Aircraft Maintenance

MT Newswires

03/11

SIA Engineering (SGX:S59) won a bid to buy a 30% stake in Arport Aircraft Maintenance & Engineering (Fujian) for 129 million yuan, according to a Tuesday filing with the Singapore bourse.

Shares of the aircraft maintenance provider were down under 1% in Wednesday trading.

Following the successful bid, the company intends to enter an agreement with Arport's direct shareholders to complete the transaction and form a joint venture.

The JV is expected to conduct line maintenance and ground services at airports in Chinese cities Xiamen, Fuzhou, Wuyishan and Longyan.

Arport is a subsidiary of IPORT Group, which offers airport operation and management services.

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