ST Engineering divests Takata CPI Singapore

ST Engineering’s land systems subsidiary, Advanced Material Engineering (AME), divested its entire 49 percent stake in Takata CPI Singapore to Joyson Safety Systems International Finance for US$3.9 million, or around S$5.3 million, the Singapore-listed company said Tuesday.

The book value of AME’s stake was US$3.1 million, or around S$4.3 million, as of end-October, ST Engineering said in a filing to SGX.

Takata CPI, incorporated in 1999, was a joint venture which was 51 percent owned by Joyson, with AME holding the remainder, the filing said.

ST Engineering said the divestment was part of its ongoing business review.

The deal isn’t expected to have a material impact on earnings per share for the current financial year, the filing said.

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