Singapore, 10 September 2012 – ST Aerospace today announced its 51%-owned subsidiary, Singapore British Engineering Pte Ltd (SBE), has commenced Members’ Voluntary Winding Up. 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.
Shareholders of SBE had approved the appointment of Andrew Grimmett and Lim Loo Khoon of Messrs Deloitte & Touche Financial Advisory Services Pte Ltd as Joint and Several Liquidators for the purpose of the liquidation of SBE.
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. 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.
ST Aerospace (Singapore Technologies Aerospace Ltd) is the aerospace arm of ST Engineering. Operating a global MRO network with facilities and affiliates in the Americas, Asia Pacific and Europe, it is the world’s largest commercial airframe MRO provider with a global customer base that includes leading airlines, airfreight and military operators. ST Aerospace is an integrated service provider that offers a spectrum of maintenance and engineering services that 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 8,000 engineers and technical specialists. Please visit www.staero.aero.