Singapore, 27 June 2008 – Singapore Technologies Aerospace Ltd (ST Aerospace) today announced that it has completed the purchase of SAS AB’s (SAS) 28.7% shareholding in ST Aerospace Solutions (Europe) A/S (STA Solutions) for a sum of €28.3m, which was arrived at based on fair market value agreed between both parties. The purchase follows the exercise of a put option by SAS pursuant to the Shareholders’ Agreement entered into between SAS and ST Aerospace on 15 March 2006. With the completion of the purchase, STA Solutions will become a wholly-owned subsidiary of ST Aerospace. STA Solutions was formerly known as SAS Component A/S.
This acquisition 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.
STA Solutions is currently operated and managed as part of ST Aerospace’s network of MRO facilities. It operates warehouses and repair facilities located at Copenhagen, Stockholm, Oslo and Stansted. With STA Solutions, STA Systems and STA Supplies, ST Aerospace today is able to provide a more complete Component Total Support solution to customers.
ST Aerospace is the aerospace arm of ST Engineering. Operating a global MRO network with facilities in the Americas, Asia Pacific and Europe, it is the world's largest airframe MRO provider with a global customer base that includes many of the world's leading airlines, airfreight operators and military operators. ST Aerospace provides a full spectrum of maintenance and engineering services through its two business segments: Aircraft Maintenance & Modification (AMM) and Component & Engine Total Support (CETS). Its services include airframe, engine and component maintenance, repair and overhaul; engineering design and technical services; and aviation materials and management services, including Total Aviation Support. ST Aerospace has a global staff strength of more than 7,000 engineers and technical specialists. Please visit www.staero.aero.