ST Engineering's (SGX:S63) subsidiary, ST Engineering Aerospace, agreed to dispose of its 49% stake in Shanghai Technologies Aerospace to China Eastern Airlines for around SG$124.6million, according to a Monday filing with the Singapore Exchange.
Shanghai Technologies is a joint venture with China Eastern Airlines, and the disposal is part of ST Engineering's ongoing rationalization of MRO facilities.
Shares of the company were up over 1% in Monday trading.
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