Destini JV with UK’s Avia for Inspection, Repair and Overhaul Services of Aircraft Components
KUALA LUMPUR (Bernama): Destini Bhd’s wholly-owned unit, Destini Aviation Sdn Bhd (DASB), and Avia Technique Ltd, a company incorporated in England, have established a new joint-venture company (JVCO).
In a filing to Bursa Malaysia today, Destini said both companies, which signed a joint venture agreement yesterday, agreed to each hold a 50% stake in the JVCO.
Destini said the JVCO will, among others, carry on the business of provision of inspection, repair and overhaul services of aircraft components.
With vast experience in the defence aviation maintenance, repair and overhaul (MRO) on safety and survival equipment, Destini said, it was positioning itself to expand its services into the commercial aviation sector.
Destini said the newly-formed joint venture will also provide component MRO for airline sector.
“Further advanced capabilities and product and services will be brought online as the joint venture develops,” it said.
Destini said the joint venture will carry out these activities in Malaysia and for purely airline customers for the Asean region.
“For India and Japan, it will be on a case-to-case basis,” it said.
Destini said DASB will benefit from new business opportunities in the commercial aviation MRO services, as the Asia-Pacific region will need about 13,000 new planes, worth US$1.9 trillion over the next decade.
Destini had recently acquired 80 per cent stake in SafeAir Technical Sdn Bhd, a company involved in the provision of aircraft MRO services both in Malaysia as well as the South-East Asian region.
“Barring any unforeseen circumstances and subject to the fulfilment of all the conditions set out in the JVA, the joint-venture is expected to be completed by the third quarter of the group’s financial year ending Dec 31, 2015,” it said.
Avia’s principal business is the provision of inspection, repair and overhaul services of aircraft components for the commercial aviation sector.
Source : The Sun Daily