HAESL and SAESL are in the business of maintenance, repair and overhaul ( MRO ) of Rolls- Royce civil large aero engines and components, operating out of Hong Kong and Singapore respectively.
Currently, SAESL is owned 50% by SIAEC, 30% by RRS and 20% by HAESL, and HAESL is owned 45% by HAECO, 45% by RROH and 10% by SIAEC.
Commenting on the Divestments, Mr Png Kim Chiang, Chief Executive Officer of SIAEC, said: The restructuring of the shareholdings of SAESL and HAESL will result in these entities being owned by SIAEC and HAECO respectively, jointly and in partnership with Rolls-Royce.
HAESL is currently a joint venture with Hong Kong Aircraft Engineering Company Limited and SIA Engineering Company Limited; SAESL is currently a joint venture with SIA Engineering Company Limited and Hong Kong Aero Engine Services Limited; and N3 a joint venture with Lufthansa Technik AG.
These new agreements will also simplify the shareholding structure and management of HAESL and SAESL with each becoming 50/50 joint ventures with two shareholders (from three today).