, Singapore

SIAEC divests entire 39.2% shares in JV for aircraft parts repair

SIAEC’S stake is pegged at $3.79m (US$ 2.79m).  

SIA Engineering Company (SIAEC) will be selling its entire shareholding in Asian Surface Technologies Pte Ltd (AST) to PAS Technologies (PAS).

AST is a joint venture between SIAEC with 39.2% stake; PAS, 40.8%; and United Technologies International Corporation, 20%.

Principle functions of the venture include the repair of aircraft engine fan blades and the provision of wear-resistant and high-temperature corrosion-resistant coating services to the aviation, and oil and gas industries. 

After negotiations, SIAEC’S 39.2% stake in AST to PAS is pegged at $3.79m (US$ 2.79m).  

Based on AST’s audited financial statements for the financial year ended 31 December 2020, the net value of the AST shares owned by SIAEC is worth $3.81m. SIAEC will recognise an estimated gain of $2.68m on the divestment of its entire stake in AST.

Through the completion of this deal, AST has ceased to be an associated company of SIAEC.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

C&W Services transforms headquarters into a ‘living lab’
The new office is set to be the ground for the firm’s new facilities management technologies.
How investor stewardship puts companies in a win-win state
Stewardship Asia Centre CEO says a company’s failure to take care of society is a failure to take care of its stakeholders.
Creating harmony in a heterogonous workforce 
An HR expert said tests like DISC can help identify which employees can work best together.