ST Electronics to divest interest in subsidiary

ST Engineering's electronic arm entered into an agreement to sell its entire 51% equity interest in Brightspot Interactive Learning Pte Ltd (BSIL).

The interest will be sold to one of BSIL's existing shareholders for a total cash consideration of S$6,000.

The consideration was arrived at on a willing buyer willing seller basis taking into account the current financial position of BSIL.

Subsequent to the sale, BSIL will cease to be a subsidiary of STEE-T&S, a wholly owned subsidiary of ST Electronics.

In a statement, ST Engineering said the divestment 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.

The divestment of BSIL is a result of an ongoing business review to streamline STEE-T&S' operations.