Singapore, 3 December 2018 – Singapore Technologies Engineering Ltd (ST Engineering) today announced the divestment of its pilot training business in the USA through the sale of all of its shares in Aviation Academy of America, Inc. (AAA) and VT Aviation Services, Inc. (VTAS) to Vaayu Aerospace, Inc. The share sale is completed today at a cash consideration of US$1.5m (approximately S$2m) on a cash-free and debt-free basis, which was arrived at after taking into account the current market conditions and financial positions of AAA and VTAS.
With this divestment, which does not impact the Group’s pilot training business in Singapore and Australia, AAA and VTAS cease to be subsidiaries of ST Engineering.
This divestment 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 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 S$6.62b in FY2017 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.
The Aerospace sector operates a global MRO network with facilities and affiliates in the Americas, Asia Pacific and Europe. An integrated aerospace service provider, it offers a spectrum of maintenance and engineering services that include airframe, engine and component maintenance, repair and overhaul; engineering design and technical services; as well as aviation materials and asset management services. The sector has a global customer base that includes leading airlines, airfreight and military operators, and is the world’s largest commercial airframe MRO service provider. For more information, please visit www.stengg.com.
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