ST Engineering subsidiary sells 100% equity interest in PT PMB Indonesia

The agreement is to sell the equity interest to Mr Reza Dwi Nugroho for a cash consideration of about $470,000.

According to ST Engineering, the cash consideration was arrived at on a willing buyer willing seller basis taking into consideration the current performance and net tangible assets of PM-B Indo. Following the divestment, PM-B Indo will cease to be a wholly owned subsidiary of PM-B. PM-B is a wholly owned subsidiary of ST Electronics, the electronics arm of ST Engineering.

The divestment of PM-B Indo is a result of ongoing business review to streamline capabilities and optimise resources within the Group to better focus on da ta centre services.

The divestment of PM-B Indo 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.

PM-B Pte Ltd (PM-B) has been renamed ST Electronics (Data Centre Solutions) Pte. Ltd. The change of name is to align PM-B's business brand with the other businesses under the ST Electronics group.