ST Engineering divests Australia pilot-training business

ST Engineering display at CommunicAsia conference in Singapore in 2019.ST Engineering display at CommunicAsia conference in Singapore in 2019.

ST Engineering said Tuesday it divested its pilot training business in Australia via the sale of all of its shares in Aviation Training Academy Australia (ATAA) and ST Aerospace Academy (Australia) to Regional Express Holdings for S$9.3 million.

The net asset values of ATAA and ST Aerospace Academy (Australia) were S$5.3 million and S$3.0 million, respectively, the company said in a filing to SGX.

ST Engineering said the divestment was part of its ongoing efforts to optimize its portfolio.

ATAA and ST Aerospace Academy (Australia) will cease to be subsidiaries of ST Engineering, the filing said.

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