NGN2 invested in the RRSP in 2010 and had a 1% share of the programme prior to its exit.
SIA Engineering Company (SIAEC) (SGX:S59
) has announced that it has entered into an agreement with Pratt and Whitney to exit from the PW1500G engine risk-revenue sharing programme (RRSP) that was held through SIAEC’s wholly-owned subsidiary NexGen Network (2) Holding (NGN2).
Upon exiting the RRSP, SIAEC will write off $25.1 million of net assets associated with the programme, which was previously known as the CSeries aircraft engine programme.
