SIAEC to acquire aircraft service firm SRT Malaysia

Both parties will enter into negotiations on the terms of the transaction.

SIA Engineering Company Limited (SIAEC) has entered into a memorandum of understanding with SR Technics Switzerland AG for the potential acquisition of its Malaysian subsidiary SRT Malaysia.

The MOU was reached following a review of the synergies that SRT Malaysia would bring to SIAEC’s existing component repair and overhaul services and fleet management programs.

According to SIAEC, both parties are in negotiations on the terms of the acquisition. The transaction 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 FY2020/2021.

SRT Malaysia is incorporated in January 2013 to provide component repair, testing, and overhaul services with a focus on the Airbus A320, A330, A340 and the Boeing 737NG aircraft in the Asia-Pacific region and beyond.

SRT is an independent maintenance, repair and overhaul (MRO) service provider for mainly Airbus and Boeing aircraft, engines and components, along with engineering services and training. SRT has a global customer base and a long history of MRO experience, having started out as the maintenance and engineering section of Swissair, previously Switzerland's national carrier.