Singapore, 17 July 2012 – Singapore Technologies Engineering Ltd (ST Engineering), today announced that ST Electronics (Info-Comm Systems) Pte. Ltd. (STEE-InfoComm)’s equity stake in Telematics Wireless Ltd (Telematics) has increased from 99.43% to 100% following a transfer of 17,893 shares (Shares) by Mizrahi Tefahot Trust Company Ltd (Mizrahi) to Telematics. No consideration was paid for the transfer of the Shares. The Shares were issued by Telematics in 1998 and held in trust by Mizrahi for employee shareholders subject to the fulfillment of certain pre-conditions by a prescribed date. As the said preconditions were not fulfilled by the prescribed date, the Shares have accordingly been transferred to Telematics.
The transfer of Shares to Telematics 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.
STEE-InfoComm is a wholly-owned subsidiary of ST Engineering’s electronics arm, Singapore Technologies Electronics Limited.
Telematics, a subsidiary of ST Electronics (Info-Comm Systems), is engaged in the development of radio frequency technology and wireless solutions for the Machine-to-Machine (M2M) industry. Its major customers include location-based service providers for stolen vehicle recovery and fleet management, utility meter manufacturers, as well as electronic toll system providers and road toll operators.
ST Electronics (Singapore Technologies Electronics Limited), the electronics arm of ST Engineering, delivers innovative system solutions to government, commercial, defence, and industrial customers worldwide. With a presence in more than 20 countries, ST Electronics markets its solutions to more than 100 countries internationally. It specialises in the design, development and integration of advanced electronics and communications systems, such as broadband radio frequency and satellite communication, e-Government solutions, information communications technologies and IT, rail and traffic management, real-time command and control, modelling and simulation, interactive digital media, intelligent building management and information security. Please visit www.stee.stengg.com.
ST Engineering (Singapore Technologies Engineering Ltd) is an integrated engineering group providing solutions and services in the aerospace, electronics, land systems and marine sectors. Headquartered inSingapore, the Group reported revenues of $5.99b in FY2011 and ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, FTSE ASEAN 40 Index, MSCI Singapore and other indices. ST Engineering has more than 22,000 employees worldwide, and over 100 subsidiaries and associated companies in 23 countries and 41 cities. Please visit www.stengg.com.
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