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Tuesday, October 11, 2005
CEB, Siaec sign pact
CAGAYAN DE ORO Cebu Pacific (CEB) and SIA Engineering Co. Limited (Siaec), a unit of Singapore Airlines, signed a joint venture for the maintenance of CEB’s new fleet of Airbus aircrafts and its existing fleet of DC9’s and B757’s.
CEB president and chief executive officer Lance Gokongwei and Siaec chief executive officer William Tan signed the agreement at the Shangri-la Hotel in Makati.
This is the third line and light maintenance joint venture, known as Aviation Partnership (Philippines) Corp. engaged by Siaec outside of Singapore.
Tan said “we are delighted that Cebu Pacific Air, a highly prolific and progressive airline in the Asia-Pacific, is partnering with us in our first foray into the Philippines. By capitalizing on each other’s strengths and expertise, we will be able to add greater value to the aviation industry in the Philippines.”
Siaec owns 51 percent of the partnership, while CEB’s share is at 49 percent.
Agreement
The agreement formalized a memorandum of understanding signed in December last year that stated that Siaec will provide line maintenance, technical ramp handling services and light maintenance checks at the 13 airports that CEB serves.
CEB bought 12 brand new A319s for delivery from September 2005 to early 2007 and has leased two A320s, which are due by the second quarter of this year.
The $670-million re-fleeting will make the CEB fleet the youngest in the Philippines and one of the youngest in the region.
CEB’s brand new Airbus A319 from Manila made its first landing last Saturday, October 1 at the Lumbia Airport. (Sun.Star Caga-yan de Oro/Sunnex)
(October 11, 2005 issue)
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