ST Aerospace Subsidiary Shareholding Changes
Singapore, 16 January 2012 – ST Aerospace today announced that its subsidiary, ST PAE Holdings Pty Ltd (ST PAE), has entered into an agreement with Aviation International Engineering Services Pty Ltd (AIRS) to transfer the latter’s 50% stakes in Aerospace Engineering Services Pty Ltd (AES) and AES Unit Trust to ST PAE for considerations of A$6.00 (approximately S$7.92) and A$416,393.40 (approximately S$549,514.37) respectively.
Following the transaction, AES, which is the trustee of AES Unit Trust, will become a wholly owned subsidiary of ST PAE.
AES and AES Unit Trust were established in 1995 to perform a specific aircraft maintenance contract that has since expired. With the expiry of the contract, AES is to be wound up and AES Unit Trust terminated. The above transaction was undertaken in connection with such contemplated winding up and termination. The consideration was arrived at taking into account the terms of the agreement and the net asset value of the trust.
ST PAE is a wholly owned subsidiary of ST Aerospace Engineering Pte Ltd, which in turn is a wholly owned subsidiary of ST Aerospace.
The transaction 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.
