ST Engineering arm gets rid of 49% stake in Nusantara

STS sold the entire stake to other shareholder.

According to a release, Singapore Technologies Engineering Ltd announced that Singapore Test Services Pte Ltd (STS), a wholly owned subsidiary of its land systems arm, Singapore Technologies Kinetics Ltd (ST Kinetics), has divested its entire 49% equity stake in Nusantara Technologies Sdn. Bhd. (Nusantara) to Nusantara’s other existing shareholder for an aggregate consideration of S$1,590,500.

This consideration was arrived at on a willing buyer, willing seller basis taking into account the value of the net tangible assets of Nusantara.

This divestment in Nusantara 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.

Nusantara is a service provider in the test and inspection field, with experience in the Oil & Gas industry in Malaysia. The divestment is a result of ST Kinetics’ on-going review of its business direction and rationalisation exercise to streamline ST Kinetics’ portfolio of subsidiaries and associated companies. Following the divestment, Nusantara ceases to be an associated company of ST Kinetics.