| FOR IMMEDIATE RELEASE | 8 March 2013 |
Hong Kong Aircraft Engineering Company Limited ("HAECO") has acquired an additional 26% shareholding in Shanghai Taikoo Aircraft Engineering Services Company Limited ("STA"), increasing the HAECO Group's equity interest to 75%.
The remaining 25% shareholding in STA, a provider of line maintenance services in Shanghai, continues to be held by Shanghai Foreign Aviation Service Corporation.
HAECO Group Chief Executive Officer Augustus Tang said: "Shanghai is one of the world's busiest aviation hubs for both passenger and cargo flights. This transaction allows the Group to benefit from the fast growing air traffic to and from Shanghai. Demand for quality line maintenance services is strong and as a controlling shareholder of STA, we are able to better serve our customer airlines."
STA currently provides line maintenance services for about 40 customers and handles an average of 1,300 flights a month at Shanghai Pudong International Airport and Shanghai Hongqiao International Airport, as well as the nearby Nanjing Lukou International Airport. The company's range of services includes transit check, overnight check, daily check, weekly check, defect rectification and technical log certification for a large number of commercial aircraft including the latest Boeing 747-8 and Airbus A380.
About Hong Kong Aircraft Engineering Company Limited ("HAECO")
HAECO is one of the world's leading aeronautical engineering groups providing a comprehensive range of services encompassing Airframe Maintenance, Cabin Reconfiguration / Integration Services, Cabin Completion Centre / Design Engineering, Freighter Conversion, Parts Manufacturing, Line Maintenance, Fleet Technical Management, Inventory Technical Management, Component Services, Engine Overhaul and Technical Training. The HAECO Group consists of 18 subsidiaries and affiliates, employing over 14,000 staff in Hong Kong, Mainland China, Singapore and Bahrain. In 2012, HAECO was awarded the "Leading Independent Organisation" by Aviation Week and voted as the "Best Airframe MRO Provider - Asia" at the Aircraft Technology Engineering & Maintenance Awards. HAECO is publicly listed on the Hong Kong Stock Exchange (Stock Code: 00044). HAECO's website: www.haeco.com
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