ST Engineering sells shares in pilot training business in Australia

ST Engineering has sold all of its shares in Aviation Training Academy Australia Pty Ltd (ATAA) and ST Aerospace Academy (Australia) (STAA(A)) to Regional Express Holdings (REX Holdings). The share sale is completed at a cash consideration of $9.3 million on a cash-free and debt-free basis, which was arrived at after taking into account the current market conditions and financial positions of ATAA and STAA(A). The net asset values of ATAA and STAA(A) as of 31 October 2019 are approximately $5.3 million and $3 million respectively. With this divestment, which is part of the Group’s ongoing efforts to optimise its