Sapura Technics Sdn Bhd entered into a Heads of Agreement (HOA) with Turkish Airlines Technic Inc, the aircraft maintenance, repair and operations (MRO) company of Turkish Airlines. The HOA will determine preliminary terms which will form the basis for the subscription agreement.
Comments from Sapura Resources
Sapura Resources Bhd also plans to sell a stake of 51% in its commercial aircraft MRO unit. Turkish Airlines will purchase this stake.
According to Sapura Resources, the net present value (NPV) of Sapura Technics as well as independent due diligence measures and evaluations will determine the issue price. Both parties involved will also negotiate to determine appropriate prices.
In a recent statement on this matter, Sapura Resources said, “Turkish Airlines Technic wishes to subscribe to new ordinary shares in STSB (Sapura Technics), which is equivalent to 51% of the enlarged share capital of STSB.”
Sapura Technics operates from Senai International Airport in Johor. It specializes in line and base maintenance for Boeing 737s and Airbus A320-family jets.
Sapura Technics is the result of a joint venture between Sapura Resources and Dilog Training & Services. This joint venture came about in 2018.
Comments from Turkish Technic
Turkish Technic issued a statement of its own. In that statement, it said, “Turkish Technic aspires to expand its nearly one hundred years of experience in the aircraft maintenance and repair market to this region with its investments in Malaysia.”
Turkish Technic also mentioned that it signed agreements with multiple companies based in Malaysia besides STSB. The company currently holds much interest in investment opportunities in the Asia-Pacific region. Commenting on this topic, Turkish Airlines Chief Executive M. İlker Aycı said, “We aspire to expand our investments in the Asia-Pacific region. We believe that these investments will be of great importance for our company and our country’s civil aviation.”
Aycı added that by evaluating investment opportunities in the Asia-Pacific region, Turkish Airlines could expand its customer portfolio, increase capabilities, and continue investment and growth efforts.
“Without a doubt, (the) aviation and MRO sectors are… …(among) the sectors most affected by the pandemic,” he said. “During these challenging times, we aim to distinguish ourselves from the competition in a positive way. Therefore, we aspire to expand our investments in the Asia-Pacific region, which is the fastest developing region in the world and is expected to have the highest fleet ratio in the near future.”
According to Turkish Technic, its recent international expansion efforts follow the establishment of extensive maintenance facilities at its base in Istanbul. These facilities serve its customers in Europe as well as the Middle East.
Last year, Turkish Technic opened its first hangar at Istanbul Airport. It also operates an MRO complex at Sabiha Gökçen International Airport which is also located in Istanbul.
15th July 2021 15:20
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