SINGAPORE, July 9 (Reuters) - Boeing Co and SIA Engineering Co Ltd plan to set up a Singapore-based joint venture to provide fleet management services to airlines in the Asia-Pacific region, the companies said on Wednesday.
Boeing will hold a 51-percent stake in the new company while SIA Engineering, a subsidiary of Singapore Airlines Ltd , will take up the other 49 percent, they said.
The joint venture, expected to be formed by the end of the year, will be able to service Boeing 737, 747, 777 and 787 aircraft.
"The joint venture will be a game changer for the airline industry," William Tan, SIA Engineering's president and chief executive officer, said in a press release.
"It will set new standards for aircraft reliability and utilisation. It will also make fleet management solutions far more accessible, customisable and affordable for airlines. Aircraft ownership will be made much simpler."
(Reporting by Rujun Shen; editing by Jason Neely)