Mainboard-listed SIA Engineering Company Limited (“SIAEC”) is pleased to announce the signing of an Inventory Technical Management (“ITM”) agreement with Air India Group.

Under this 12-year agreement, SIAEC will provide extensive component support coverage for Air India Group's current fleet of Airbus A320 family aircraft. Besides access to its inventory pool, SIAEC (together with its subsidiaries and joint venture companies with Original Equipment Manufacturers) will also provide repair and overhaul services for airframe and on-wing engine components.

Chin Yau Seng, Chief Executive Officer of SIAEC, said: “We are honoured to be selected as Air India Group's component service partner, and appreciative of their confidence in our ITM programme. Our Airbus A320 ITM programme will support Air India Group's commitment to delivering world class service. Together with our network of component shops and joint venture companies, we are confident in providing high quality and reliable component services to Air India Group”.

Campbell Wilson, Chief Executive Officer and Managing Director, Air India, said: “We are delighted to have SIAEC as our partner. The collaboration will further bolster our repair and maintenance competencies for the Airbus A320 family of aircraft and enhance our reliability and availability of components for aircraft operations.”

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 for the financial year ending 31 March 2024. None of the Directors and controlling shareholders of SIAEC has any interest, direct or indirect, in the transaction, other than through their shareholdings (if any) in SIAEC.