Singapore, 29 January 2019 – Singapore Technologies Engineering Ltd (ST Engineering) today announced that its aerospace arm has injected its pro rata share of S$3.375m into its 90%-owned joint venture, ST Aerospace Aircraft Seats Pte Ltd (ST Aerospace Aircraft Seats), as working capital for its operations. The balance 10% is owned by Tenryu Holdings Co, Ltd.
This injection is part of ST Engineering’s planned investment for the joint venture, bringing its total investment to S$20.158m.
Based in Singapore and part of ST Engineering’s global aerospace network, ST Aerospace Aircraft Seats provides end-to-end design and manufacturing solutions for aircraft seats. Its proprietary economy aircraft seat, SPACElite, continues to gain global recognition for design excellence when it recently received Japan’s prestigious Good Design Award.
The capital injection 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 provides integrated aerospace services and solutions through a global network of facilities and affiliates in the Americas, Asia Pacific and Europe, supporting a broad customer base that comprises leading airlines, airfreight operators and armed forces. Its wide spectrum of maintenance and engineering solutions 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 also has original equipment manufacturing capabilities and holds proprietary designs in products such as aircraft seats. For more information, please visit www.stengg.com.
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