ST Engineering Records SG$667 Million Impairment on Unit iDirect Group, Explores Strategic Options
MT Newswires11-12
ST Engineering (SGX:S63) took a non-cash impairment of $667 million on its subsidiary, iDirect Group, according to a Wednesday filing with the Singapore Exchange.
The value in use of the unit was determined to be SG$170 million as at Sept. 30, down from a carrying amount of SG$837 million, after an assessment.
The impairment was partially offset by gains from recent divestments of around SG$258 million, according to the filing.
ST Engineering said it is evaluating strategic options for iDirect, including potential partnerships or other transactions, to mitigate risks and strengthen the unit's ability to serve customers. No agreement has been reached, and there is no certainty of a deal.
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