SIA Engineering Company (SIAEC), which currently owns a 65% stake in SIA Engineering Philippines Corporation (SIAEP) has acquired the remaining 35% stake in the latter.

SIAEC, on Oct 26, entered into an agreement with Cebu Air (CEB) to acquire CEB’s entire shareholding in SIAEP at a consideration of US$7.74 million ($10.5 million) in cash.

The consideration was arrived at on a willing-buyer, willing-seller basis and took into account the net asset value (NAV) and financial performance of SIAEP.

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