ST Engineering Aerospace has sold its 25% stake in a joint venture with Airbus Helicopters.
The MRO firm says it will sell the 25% stake in Airbus Helicopters South East Asia (AHSA) to its partner, Airbus Helicopters SAS, for €9.1 million ($14 million) cash.
“AHSA was set up between ST Engineering and Airbus Helicopters in 1977 to provide helicopter sales, repair, overhaul, logistics and product support services,” says ST Engineering Aerospace.
“The divestment of AHSA is a result of ST Engineering’s ongoing business review to streamline capabilities and optimise resources within its aerospace sector and 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.”
In May, Singapore Technologies announced that it would extend its master ST Engineering brand across all divisions in a bid to raise its international profile.
The plan will see the brands ST Aerospace, ST Electronics, ST Kinetics, and ST Marine abandoned.