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ST Engineering's aerospace arm injects almost S$4m into JV
THE aerospace arm of Singapore Technologies Engineering (ST Engineering) has injected close to S$4 million in its joint venture.
On Monday, ST Engineering announced in a filing after market close that Singapore Technologies Aerospace (ST Aerospace) has put in its pro rata share of S$3.89 million into ST Aerospace Aircraft Seats as working capital for its operations.
This injection is part of ST Aerospace's planned investment for the joint venture, bringing its total investment to S$16.78 million, ST Engineering said.
ST Aerospace Aircraft Seats is 90 per cent owned by ST Aerospace, with the remaining owned by Japan-based Tenryu Holdings Co.
The capital injection 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.
ST Engineering closed five Singapore cents higher at S$3.43 on Monday.