SIA Engineering Company Limited (SIAEC) and Eaton have established a joint venture (JV) firm, Eaton Aerospace Component Services Asia Sdn Bhd, based in Malaysia. The equity distribution of the JV sees the Singaporean company holding a 49% stake, while Eaton controls the majority 51%. The JV’s initial share capital stands at MYR 470 (equivalent to USD 100), with plans to raise it to around MYR 75 million (equivalent to USD 16 million).
This JV formation follows the definitive agreement signed by both companies on 11 July 2023. The agreement outlines the JV’s role in the maintenance, repair, and overhaul of Eaton-manufactured aircraft components used in airframe and engine fuel systems, as well as hydraulic systems. By combining the expertise and experience of both companies, the Malaysia-based JV aims to cater to customers in the Asia Pacific region.
The addition of this JV expands SIAEC’s impressive portfolio, which now includes 24 subsidiaries and joint ventures with top original equipment manufacturers and other strategic partners, spread across eight countries.
The SIAEC Group does not anticipate the JV’s incorporation to significantly affect its net tangible assets per share or earnings per share for the financial year ending 31 March 2025. It’s worth noting that none of the Directors and controlling shareholders of SIAEC have any direct or indirect interest in the JV’s incorporation, apart from their potential shareholdings in SIAEC.
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