SIA Engineering to sell its entire stake in aerospace company for US$90,000

AIRCRAFT maintenance provider SIA Engineering Company (SIAEC) will be selling its entire stake in Additive Flight Solutions, an aerospace additive company, to its joint-venture partner Stratasys.

Under the joint venture, Stratasys, an additive manufacturing company, owns 40 per cent of Additive Flight Solutions; it will purchase the remaining 60 per cent owned by SIAEC for US$90,000.

In a bourse filing on Thursday (Feb 8), SIAEC said the deal size was based on the net book value of Additive Flight Solutions, and was arrived at after arm’s-length negotiations on a willing-buyer, willing-seller basis. The deal also took into account the net asset value and financial performance of Additive Flight Solutions.

The sale has been completed, and Additive Flight Solutions is no longer a subsidiary of SIAEC.

Shares of SIAEC closed flat on Thursday at S$2.29.