HAECO Increases Shareholding in Shanghai Line Maintenance Services Provider

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.