ST Engineering Annual Report 2020

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) F4 Associates and joint ventures (continued) Details of significant associates and joint ventures are as follows: Name Principal activities Country of incorporation/ place of business Effective equity interest held by the Group 2020 2019 % % Associates Shanghai Technologies Aerospace Company Limited 1 Aircraft and component maintenance, repair, overhaul and other related maintenance business People’s Republic of China 49 49 ST Aerospace (Guangzhou) Aviation Services Company Limited 1 Aircraft and component maintenance, repair, overhaul and other related maintenance business People’s Republic of China 44 44 Turbine Coating Services Pte Ltd 1 Repair, refurbishment and upgrading of aircraft jet engine turbine blades and vanes Singapore 24.5 24.5 Turbine Overhaul Services Pte Ltd 1 Repair and service of gas and steam turbine components Singapore 49 49 CityCab Pte Ltd 1 Rental of taxis and the provision of charge card facilities Singapore 46.5 46.5 Experia Events Pte. Ltd. 2 Organising and management of conferences, exhibitions and other related activities, including the biennial Singapore Airshow event Singapore 33 33 Joint ventures Total Engine Asset Management Pte. Ltd. 1 Leasing of engines Singapore 50 50 Keystone Holdings (Global) Pte. Ltd. 2 Investment holding Singapore 50 50 SPTel Pte. Ltd. Running, operation, management and supply of telecommunications systems Singapore 51 51 1 Not audited by PricewaterhouseCoopers LLP Singapore (2019: KPMG LLP, Singapore and other member firms of KPMG International). 2 Not audited by PricewaterhouseCoopers LLP Singapore (2019: audited by KPMG LLP, Singapore). All significant associates and joint ventures that are required to be audited under the law in the country of incorporation are audited by PricewaterhouseCoopers LLP Singapore and overseas practice of PricewaterhouseCoopers, except as indicated above. 26 5 ANNUAL REPORT 2 0 2 0 / CORPORATE OVERVI EW PERFORMANCE REVI EW SUSTAINABI L ITY CORPORATE GOVERNANCE F INANCIAL REPORT