Published:
ST Engineering's aerospace unit injects $27m into STEA Resources
The capital injection will be used to buy aircraft assets.
The aerospace arm of ST Engineering has injected $27m (US$19.5m) into ST Engineering Aerospace Resources (STEA Resources) for the purchase of aircraft assets, according to a press release.
Also read: ST Engineering profits climbed 18% to $138.2m in Q2
Funded through internal cash, this will bring the group’s total share capital contribution in STEA Resources to about $68m (US$49m).
The net asset value of STEA Resources afterwards is estimated to be $74m (US$53.74m).
The company does not expect this to have a material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year.
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