Singapore, 26 November 2019 – Singapore Technologies Engineering Ltd (ST Engineering) today announced that its land systems subsidiary, Advanced Material Engineering Pte Ltd (AME) has divested all of its 49% equity interest in Takata CPI Singapore Pte Ltd (Takata CPI) to Joyson Safety Systems International Finance B.V. (Joyson) for a cash consideration of US$3.9m (approximately S$5.3m). The book value of AME’s 49% equity interest as at end October 2019 is US$3.1m (approximately S$4.3m).
Takata CPI was incorporated in 1999 as a joint venture with Joyson holding 51% and AME 49%.
The consideration was arrived at after taking into account current market conditions, financial position of Takata CPI and its business prospects.
The divestment is a result of ST Engineering’s ongoing business review and is not expected to have any material impact on the net tangible assets per share and earnings per share of ST Engineering for the current financial year.
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 the defence, government and commercial segments in more than 100 countries. With more than 500 smart city projects across 70 cities in its track record, the Group continues to help transform cities through its suite of Smart Mobility, Smart Security and Smart Environment solutions. Headquartered in Singapore, ST Engineering reported revenue of $6.7b in FY2018 and it ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore, SGX ESG Transparency Index and SGX ESG Leaders Index. For more information, please visit www.stengg.com.
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