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13 Aug 2004
HAECO Acquires More Stake in TAECO

Hong Kong Aircraft Engineering Company Limited (HAECO) has entered into an agreement with SIA Engineering Company on 11th August, 2004 to acquire the latter's remaining 5% stake in Taikoo (Xiamen) Aircraft Engineering Company Limited (TAECO). Both parties look forward to other new opportunities of cooperation in future.

The acquisition, once concluded, will see the new shareholding structure of TAECO as follows:

Xiamen Aviation Industry Co. Ltd. 10.00%
Hong Kong Aircraft Engineering Co. Ltd. 54.55%
Cathay Pacific Airways Ltd. 9.09%
Beijing Kailan Aviation Technology Co. Ltd. 8.18%
Japan Airlines Co. Ltd. 9.09%
The Boeing Co. 9.09%

HAECO, based at Hong Kong's International Airport, is one of the world's leading aeronautical engineering groups. It is engaged in the maintenance, modification, repair and overhaul of commercial aircraft and their components. TAECO operates at Xiamen's airport in Mainland China, where it provides heavy maintenance on Boeing and Airbus aircraft and offers a B747-200/300 passenger to freighter conversion programme. It also offers line maintenance services at various locations in Mainland China.

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