SIAEC-Boeing Singapore venture to cease operations in August
The venture was incorporated in Singapore in October 2015.
Fleet management service provider Boeing Asia Pacific Aviation Services (BAPAS) will cease operations in August, its parent company, SIA Engineering Company (SIAEC) announced.
In a bourse filing, SIAEC said shareholders have agreed to cease BAPAS’ operations amidst “challenges arising from the changing business environment.”
“The cessation of business operations is not expected to have a material impact on the net tangible assets per share or the earnings per share of the SIAEC Group in FY2022/2023,” SIAEC added.
BAPAS is a joint venture of SIAEC with Boeing Singapore, which owns 51% of the service provider’s stake.
It 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.
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