Singapore Technologies Engineering Ltd (ST Engineering) has sold 25% equity in Airbus Helicopters South East Asia(AHSA). The consideration for the 25% stake is EUR9.125m which will be paid wholly in cash.
AHSA was set up between ST Engineering and Airbus Helicopters in 1977 to provide helicopter sales, repair, overhaul, logistics and product support services.
“The divestment of AHSA is a result of ST Engineering’s ongoing business review to streamline capabilities and optimise resources within its aerospace sector, and is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year.” ST said in a statement.
With this divestment, AHSA ceases to be an indirectly held associated company/joint venture of ST Engineering.
ST Engineering is a global technology, defence and engineering group specialising in the aerospace, electronics, land systems and marine sectors. The Group employs about 22,000 people across offices in Asia, the Americas, Europe and the Middle East, serving customers in more than 100 countries.