ST Engineering divests US pilot training business

U.S. one-dollar and five-dollar currency notes; taken September 2018.U.S. one-dollar and five-dollar currency notes; taken September 2018.

ST Engineering said on Monday that it divested all of its pilot-training business in the U.S., by selling all of its shares in Aviation Academy of America (AAA) and VT Aviation Services (VTAS) to Vaayu Aerospace.

The sale was completed for a cash consideration of US$1.5 million, or around S$2 million, on a cash-free and debt-free basis, it said in a filing to SGX after the market close on Monday.

After the deal, AAA and VTAS have ceased to be subsidiaries of ST Engineering, it said.

The divestment doesn’t impact the company’s pilot-training business in Singapore and Australia, ST Engineering said.

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