Singapore Technologies Engineering

admin
By admin July 7, 2016 11:00

Singapore Technologies Engineering

ST Aerospace Resources has completed the divestment of its 50% equity stake in Keystone Holdings.  As a result, ST Aerospace Resources and SJ Aviation Capital Pte. Ltd. will now each own 50% shareholding in Keystone Holdings.

The divestment consideration of US$10.3m (approximately S$14.2m) took into account the current performance and net asset value of Keystone Holdings.

Keystone Holdings serves as a holding company for single aisle aircraft leasing investments. It has audited net assets of US$18.9m (approximately S$26m) as at 30 June 2016, and currently holds subsidiaries in various geographies to support its portfolio purchase of aircraft which are currently on lease to airlines.  The shareholders plan to continue to build up the portfolio of mid-life and end-of life aircraft assets.

Based in Japan, Sojitz Group consists of approximately 410 subsidiaries and affiliates globally.  As a general trading company, it engages in a wide range of businesses, including import, export, manufacturing and sale of various products.  Sojitz also invests in various sectors and conducts financing activities.  Sojitz operates in a broad range of sectors covering automobiles, plants, energy, mineral resources, chemicals, foodstuff resources, agricultural and forestry resources, consumer goods, and industrial parks.

The 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.

admin
By admin July 7, 2016 11:00