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.”