Singapore, 10 December 2019 – Singapore Technologies Engineering Ltd (ST Engineering) announced today that its Electronics arm has injected RMB50m (approximately S$9.7m) into its Shanghai-based subsidiary, ST Engineering Electronics (Shanghai) Co., Ltd., to support the growth of its mobility and Internet of Things (IoT) businesses.
This capital injection, funded through internal cash, will bring the Group’s total share capital contribution in this subsidiary to RMB152m (approximately S$29m), with a net asset value estimated to be RMB151m (approximately S$29m).
The exercise is not expected to have any material impact on the consolidated net tangible asset per share and earnings per share of ST Engineering for the current financial year.
ST Engineering is a global technology, defence and engineering group specialising in the aerospace, electronics, land systems and marine sectors. The Group employs about 22,000 people across offices in Asia, the Americas, Europe and the Middle East, serving customers in the defence, government and commercial segments in more than 100 countries. Its employees bring innovation and technology together to create smart engineering solutions for customers in the defence, government and commercial segments. With more than 500 smart city projects across 70 cities in its track record, the Group continues to help transform cities through its suite of Smart Mobility, Smart Security and Smart Environment solutions. Headquartered in Singapore, ST Engineering reported revenue of S$6.7b in FY2018 and it ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore, SGX ESG Transparency Index and SGX ESG Leaders Index. For more information, please visit www.stengg.com.
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