SINGAPORE, 29 March 2019 – Mainboard-listed SIA Engineering Company Limited (“SIAEC”) today announced that it has entered into a joint venture agreement with NokScoot Airlines Co., Ltd (“NokScoot”), to form a line maintenance joint venture based in Thailand.

Under the agreement, NokScoot will hold an equity stake of 51% in the joint venture, with SIAEC taking the remaining 49% stake. The agreement is subject to the receipt of regulatory approvals.

The joint venture will have an initial registration capital of THB63,680,000, or approximately S$2,740,000. NokScoot will subscribe for THB32,476,800, or approximately S$1,397,000, in cash and SIAEC will subscribe for THB31,203,200, or approximately S$1,343,000, in cash in the joint venture.

The joint venture will commence operations in Don Mueang International Airport (DMK) and subsequently expand to other key airports in Thailand.

Mr. Png Kim Chiang, Chief Executive Officer of SIAEC, said “We are delighted to partner NokScoot for this line maintenance joint venture in Thailand. The joint venture will allow SIAEC to support NokScoot’s growing fleet in Thailand and grow SIAEC’s existing network of Line Maintenance International (LMI) stations to 34 airports in 7 countries outside Singapore.”

Mr. Yodchai Sudhidhanakul, Chief Executive Officer of NokScoot, said “We are excited to enter into this agreement which will further strengthen the partnership between our two companies. This joint venture is a significant milestone for us at NokScoot. It will help us to provide faster and more reliable line maintenance services to support our growth plan.”

NokScoot is an associate of Singapore Airlines, as it is 49% owned by Scoot Tigerair Pte Ltd. Scoot Tigerair Pte Ltd is wholly-owned by Budget Aviation Holdings Pte Ltd, which is a wholly- owned subsidiary of Singapore Airlines (“SIA”). Mr Ng Chin Hwee, a Director of SIAEC, also sits on the board of NokScoot as a representative of SIA.

The joint venture is not expected to have a material impact on the earnings per share or the net tangible assets per share of SIAEC for the financial year ending 31 March 2019. Save as disclosed above, none of the Directors of SIAEC has any interest, direct or indirect, in the transaction.