A unit of aerospace and defence conglomerate ST Engineering has sold its entire stake in CJS Aviation, a private aircraft management and leasing company.
ST Aviation Resources, a subsidiary of ST Engineering's aerospace arm, offloaded the 26 per cent holding for US$1 (around S$1.40).
The divestment is the result of an ongoing business review by ST Aviation Resources to optimise resources and divest minority investments that are no longer strategic to its business, the company said in a statement released yesterday.
The move is not expected to have any material impact on ST Engineering's financial performance for the year.
The structural steel specialist has clinched new public-sector and industrial contracts worth $16 million, taking its order book to$146 million as of yesterday.
The jobs include supplying, fabricating and installing structural steelworks for the Singapore LNG Terminal, and a civil defence doors project for the Thomson-East Coast Line.
The contracts are expected to be substantially delivered between the 2016 and 2018 financial years.
"Securing additional projects for civil defence doors and the Singapore LNG Terminal, for customers to whom we have repeatedly delivered works in the past, speaks volumes of the trust and confidence they have in TTJ," said chairman and managing director Teo Hock Chwee.
The energy exploration and production company has been placed on the Singapore Exchange (SGX) watch-list of companies that are struggling financially.
The firm has assets in Cambodia and South Sumatra in Indonesia, including oil wells. The wider industry has been badly battered by a slump in crude oil prices, which are hovering at around US$40 a barrel.
In a statement to the SGX yesterday, Mirach said it had been placed on the watch-list effective the same day.
"The company will endeavour to meet the requirements of Listing Rule 1314 as soon as possible to exit from the watch-list, via improved operations, albeit in a weaker minerals, oil and gas industry climate as a whole," it said in the statement.