Company Briefs: SIA Engineering Company

SIA Engineering Company

SIA Engineering Company (SIAEC) has incorporated a joint-venture company with American aerospace giant Boeing to provide fleet management services.

SIAEC holds a 49 per cent stake in the company, named Boeing Asia Pacific Aviation Services, while Boeing holds the remaining 51 per cent.

The joint venture will position SIAEC to develop the fleet management business for Boeing aircraft types, and the opportunity to grow its maintenance, repair, and operations business over the longer term, the company said in an exchange filing yesterday.

The move will also help the companies involved serve their customers in the region more effectively, SIAEC said.


OCBC Bank

OCBC Bank has upgraded all cash deposit machines (CDMs) at its branches to accept the full range of Singapore dollar notes. 

Until now, $2, $5 and $1,000 notes could not be deposited at CDMs.

The upgrade means shorter queues for customers needing counter service, said OCBC.

Every year, a total of 3.5 million cash deposit transactions are done over the counter at OCBC's islandwide network of more than 100 branch CDMs.

The bank expects to move 25 per cent of its current over-the-counter cash deposit transactions to the CDMs.

Productivity gains are estimated at $6 million over five years, as branch tellers are freed to perform other banking transactions.


PEC

Specialist engineering group PEC has warned that it may log a net loss for the current financial year, after assessing the impact of its client, Jurong Aromatics Corp, being pushed into receivership.

The mainboard-listed company said in a filing to the Singapore Exchange after the market closed yesterday that a payment of about $19 million due from JAC remains outstanding.

JAC, which operates a large petrochemical plant in Singapore, went into receivership over debt woes last week.

JAC has had $1.53 billion in liabilities and $68.7 million of accumulated losses at the end of 2013, according to its latest available records.


An earlier version of this story stated that OCBC Bank was the first local bank to upgrade all its cash deposit machines to accept the full range of Singapore dollar notes. This is incorrect. Since March 2014, all UOB cash deposit machines have been able to accept the full range of Singapore Dollar notes. We are sorry for the error.

A version of this article appeared in the print edition of The Straits Times on October 08, 2015, with the headline 'Company Briefs: SIA Engineering Company'. Print Edition | Subscribe