SIA Engineering announces deals involving investments in the Philippines

Singapore

MAINBOARD-LISTED SIA Engineering Company has entered into two agreements with Cebu Air: one was to buy out the latter's interest in SIA Engineering Philippines Corporation (SIAEP) and the other to sell its stake in Aviation Partnership (Philippines) Corp (APP) to the budget airline.

In statements to the bourse operator, the engineering unit of Singapore Airlines (SIA) announced on Monday that it will pay US$7.74 million for Cebu Air's 35 per cent shareholding in SIAEP, making it SIA Engineering's wholly-owned subsidiary.