SIA Engineering Company (SIAEC), a major provider of aircraft maintenance, repair and overhaul (MRO) facilities in the Asia-Pacific region, has sold its entire 60% shareholding in Additive Flight Solutions (AFS) to STRATASYS (SSYS).
AFS’ principle activities include the manufacturing of aircraft cabin interior parts and toolings for the MRO sector using 3D printing technology. Based in Singapore, it is a joint venture between SIAEC (SSYS) and SSYS (40%). With the sale complete, AFS has accordingly ceased to be a subsidy of SIAEC.
The consideration of the sale of SIAEC’s stake in AFS is based on net book value, of which SIAEX’s 60% share is valued at $90,000. This was reached at after mutually willing negotiations, and taking into account, among other things, the net asset value and financial performance of AFS.
The transaction is not expected to have a material impact on the net tangible assets per share of the earnings per share of the SIAEC Group for the financial year ending March 31, 2024.
SIA Engineering Company sells entire 60% share in Additive Flight Solutions
