ST Engg to book S$61m charge on China venture
It says China business has been hurt by severe oversupply, cash 'will soon run out'
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Singapore
ST Engineering is to make a significant S$61 million writedown in the third quarter on an investment in China, as it fears that this joint venture with a Chinese state-owned enterprise will soon run out of cash.
This comes amid an ongoing review of its Chinese business for more than two years now - with the Chinese business hurt by the severe oversupply in various industries in China.
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