ST Marine Winds Up Brunei Environmental Subsidiary
ST Engineering today announced that Singapore Technologies Marine Ltd has placed its subsidiary, STSE Engineering Services (B) Sdn Bhd (STSE Engineering), under members’ voluntary liquidation under the laws of Brunei Darussalam.
STSE Engineering was formed to manage an integrated waste management facility project in Brunei. The project has since been completed in June 2016, hence the decision to wind up STSE Engineering.
This exercise 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.