SINGAPORE -- SIA Engineering Co. Ltd. has signed a memorandum of understanding with Cebu Pacific Air to jointly set up an aircraft heavy maintenance facility at Clark International Airport in the Philippines.
SIA Engineering will hold a 65 percent share in the joint venture, with Cebu Pacific holding the rest.
The joint venture plans to build three hangars over a three-year period to provide maintenance, repair and overhaul services for narrow body and wide body aircraft to Cebu Pacific and other carriers.
Cebu Pacific is a unit of Philippine conglomerate JG Summit Holdings Inc. (By Yuinmunn Szetoh)
($1 = 1.39 Singapore dollars)
