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ST Engineering sells two Australian pilot schools for $9.3m
It sold all its shares in the academies to Australian airline company REX Holdings.
ST Engineering has divested its pilot training business in Australia to Australian airline holding company Regional Express Holdings (REX Holdings) for $9.3m on a cash-free and debt-free basis, according to a press release.
The divestment, made through selling all of its shares in Aviation Training Academy Australia (ATAA) and ST Aerospace Academy (Australia) (STAA(A)), was done partly to “optimise its business portfolio.”
The net asset values of ATAA and STAA(A) was estimated at $5.3m and $3.0m respectively as of 31 October.
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