Company Briefs: SIA Engineering Company

SIA Engineering Company

SIA Engineering Company has signed a maintenance agreement with Tigerair Australia to perform "heavy maintenance services" for its A320-200 fleet from this month.

The two-year contract has an option to be renewed for an additional year, the firm added.

The maintenance services will be undertaken by the firm and its joint venture company, SIA Engineering (Philippines) Corporation, at their facilities in Singapore and Clark, near Manila.

Tigerair Australia, which is based in Melbourne, operates 14 A320-200 aircraft, serving 11 destinations in Australia.

Yanlord Land Group

Property firm Yanlord Land Group has entered into a joint venture with subsidiaries of China Ping An Insurance Group, Tianjin Realty Development (Group) and Beijing Capital Land to acquire a mixed-use site in Tianjin for 2.374 billion yuan (S$498 million).

The parcel in the Tianjin Hong Qiao District has a gross floor area of 351,338 sq m. Developments on the site will include high-end residential and commercial units, as well as educational facilities, Yanlord said yesterday.

This will be Yanlord's fifth project in Tianjin.

The firm said it has acquired a company in Shenzhen - Shenzhen Yujia Investment Management Co - through its wholly-owned unit Nanjing Renyuan Investment Co.

Shenzhen Yujia holds a 25 per cent stake in property development company Tianjin Lianjin Property Development Co, which is a joint venture company between subsidiaries of China Ping An, Tianjin Realty Development and Beijing Capital Land.

Singapore Post

Former Singapore Post group chief executive Wolfgang Baier has sold 2.5 million shares of the company for about $3.94 million, SingPost said yesterday.

After the disposal of shares "via market transaction", Dr Baier still holds over 1.22 million SingPost shares.

The remaining shares represent 0.057 per cent of the total number of ordinary voting shares.

Dr Baier resigned in December. Deputy group chief executive officer of corporate services, Mr Mervyn Lim, is covering the work of the group CEO while the company looks for a new group CEO.

A version of this article appeared in the print edition of The Straits Times on May 18, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe