ST Engineering\'s aerospace arm, ST Aerospace, has commenced members\' voluntary winding up of its 51 per cent owned subsidiary, Singapore British Engineering Pte Ltd (SBE).
SBE, a joint venture between ST Aerospace and BAE Systems plc (BAE Systems), was set up for the marketing of BAE Systems\' avionics and defence products in Singapore.
\"The decision to liquidate SBE was mutually agreed upon between ST Aerospace and BAE Systems, and a result of ongoing engagement and reviews between the partners to better support the latter\'s business growth in the region through ST Aerospace\'s global network,\" said ST Engineering in a statement on Monday.
Existing SBE contracts are novated to ST Aerospace\'s wholly owned subsidiary, ST Aerospace Supplies Pte Ltd (STA Supplies), to ensure continual support to customers, and STA Supplies will work closely with BAE Systems to explore further collaboration opportunities.
The voluntary liquidation of SBE 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.
SBE, a joint venture between ST Aerospace and BAE Systems plc (BAE Systems), was set up for the marketing of BAE Systems\' avionics and defence products in Singapore.
\"The decision to liquidate SBE was mutually agreed upon between ST Aerospace and BAE Systems, and a result of ongoing engagement and reviews between the partners to better support the latter\'s business growth in the region through ST Aerospace\'s global network,\" said ST Engineering in a statement on Monday.
Existing SBE contracts are novated to ST Aerospace\'s wholly owned subsidiary, ST Aerospace Supplies Pte Ltd (STA Supplies), to ensure continual support to customers, and STA Supplies will work closely with BAE Systems to explore further collaboration opportunities.
The voluntary liquidation of SBE 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.