ST Marine Disposing of Design Arm in China
ST Marine, a marine arm of Singapore’s ST Engineering, has placed its China-based ST Marine (Wuhan) Engineering Design Consultancy under members’ voluntary liquidation.
ST Engineering said that the decision to liquidate the design firm is a result of the company’s ongoing business review aimed at streamlining capabilities and optimizing resources within ST Marine.
As disclosed, the liquidation has no bearing on ST Marine’s capabilities in its design and engineering expertise.
“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,” the company said.
ST Marine incorporated ST Marine Wuhan EDC in China in 2011. The company specialized in engineering design and consultancy services to both local Chinese as well as international companies operating in China.