ST Aerospace liquidates Singapore British Engineering

ST Aerospace reported that its 51%-owned subsidiary, Singapore British Engineering (SBE), has commenced Members’ Voluntary Winding Up. SBE, a joint venture between ST Aerospace and BAE Systems, was set up for the marketing of BAE Systems’ avionics and defence products in Singapore. Shareholders of SBE approved the appointment of Andrew Grimmett and Lim Loo Khoon of Messrs Deloitte & Touche Financial Advisory Services as Joint and Several Liquidators for the purpose of the liquidation of SBE. The decision to liquidate SBE was mutually agreed upon between ST Aerospace and BAE Systems, and a result of ongoing engagement and reviews between the partners to better support the latter’s business growth in the region through ST Aerospace’s global network. Existing SBE contracts are novated to ST Aerospace’s wholly owned subsidiary ST Aerospace Supplies to ensure continual support to customers, and STA Supplies will work closely with BAE Systems to explore further collaboration opportunities.