SIA Engineering Company Limited (SIAEC) and Cambodia Airport Investment Co., Ltd (CAIC) will form a line maintenance joint venture in Cambodia, with SIAEC holding a 51% stake and CAIC the remaining 49%.
The partnership will establish line maintenance services at the new Techo International Airport (“TIA”) in Phnom Penh, expected to start operations in March 2025.
The venture will enhance SIAEC’s existing network of Line Maintenance International (LMI) stations, evolving into a regional hub for aircraft maintenance, repair, and overhaul.
Mr Ng Chin Hwee, CEO of SIAEC, emphasized that the partnership would strengthen SIAEC’s position as a leading line maintenance provider while offering top-quality services to its customers at more overseas locations.
Chairman of CAIC, Dr Pung Kheav Se, expressed confidence in the venture’s success and the positive impact it would have on creating high-value job opportunities for the local workforce.
The joint venture isn’t expected to significantly impact SIAEC’s net tangible assets per share or earnings per share for the fiscal year ending in March 2024.
SIAEC is a leading provider of aircraft maintenance, repair, and overhaul services in the Asia-Pacific, operating in seven countries.
CAIC, a joint venture between the Cambodian government and the Overseas Cambodia Investment Corporation, is a key player in infrastructure development in Cambodia.
BusinessNewsAsia