ST Engineering sells stake in STARCO to JV partner for $124.6m

This comes as part of an ongoing rationalisation of the group’s MRO facilities.

ST Engineering has announced that its wholly owned subsidiary, ST Engineering Aerospace Ltd, has entered into an agreement to sell all of its equity interests in Shanghai Technologies Aerospace Company Limited (STARCO) to China Eastern Airlines Corporation Limited (CEA) for $124.6m, following the conclusion of a 20-year joint venture agreement.

The sale comprises 49% of the equity interests and the corresponding paid-up registered capital of STARCO. Following the divestment, ST Engineering will cease to have any interest in STARCO. CEA, which owns the balance 51% stake as at the date of this announcement, will hold 100% of STARCO post-divestment

STARCO is a joint venture company established in China in 2004 by ST Engineering and CEA. It provides airframe maintenance, repair and overhaul (MRO) services out of facilities in Hongqiao and Pudong in Shanghai, China.

The move is part of ST Engineering’s ongoing rationalisation of MRO facilities, along with the addition of newer and more modern MRO facilities to enhance its operational efficiency and strengthen the group’s competitiveness in the global MRO market.

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