Brief: Singapore Technologies Engineering Says To Exit U.S. Marine Business

Singapore Technologies Engineering

07/11/2022 24:39

Nov 7 (Reuters) - Singapore Technologies Engineering Ltd
 STEG.SI :
    * ST ENGINEERING TO EXIT U.S. MARINE BUSINESS
    * DIVESTMENT FOR CASH CONSIDERATION OF US$15 MILLION
    * CO MAY RECEIVE EARNOUT PAYMENTS POST-CLOSING OF UP TO AN
AGGREGATE AMOUNT OF US$10.25M
    * TWO BUSINESS UNITS HAVE INCURRED COMBINED NET LOSS BEFORE
TAX OF
US$256M IN LAST FIVE YEARS
    * PROPOSED DIVESTMENT EXPECTED TO RESULT IN LOSS ON
DISPOSAL,
WHICH IS NON-CASH IN NATURE, OF ABOUT S$13.3MLN
    * MAINTAINS ITS 2026 GROWTH TARGETS

Source text for Eikon:  ID:nSN8TrxDT 
Further company coverage:  STEG.SI 
 ((Reuters.Briefs@thomsonreuters.com;))