Singapore Technologies Aerospace has acquired all the shares of Precision Products Singapore (PPS) from Nippon Precision Casting Corporation, Renaissance Capital Management Limited and Singapore Technologies Industrial Corporation respectively. The acquisition was for a cash consideration of S$7.65 million. With this purchase, PPS becomes a wholly-owned subsidiary of ST Aerospace.
This acquisition 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.