Singapore, 3 July 2012 - Singapore Technologies Engineering Ltd (ST Engineering) today announced that Singapore Commuter Private Limited (SCPL), a wholly owned subsidiary of its land systems arm, Singapore Technologies Kinetics Ltd (ST Kinetics), has injected US$6.66m (about S$8.59m) into Jiangsu Huatong Kinetics Co., Ltd. (JHK).
The capital injection is the first progressive proportionate capital contribution of an additional US$28.76m (about S$37.06m) investment by SCPL in JHK to fund the construction of a new plant, as part of JHK’s planned relocation and expansion of its current production capacity. SCPL will inject the remaining capital of US$22.10m (about S$28.47m) as needed for the new plant to be completed by 2014. SCPL’s shareholding in JHK remains unchanged at 75.3% after the capital injection.
This capital injection 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.
JHK, a joint venture between ST Kinetics and Jiangsu Huatong Machinery Co., Ltd., manufactures Asphalt Pavers, Milling Machines, Motor Graders and Asphalt Batching Plants.
ST Kinetics (Singapore Technologies Kinetics Ltd) is the land systems and specialty vehicles arm of Singapore Technologies Engineering Ltd. It delivers integrated land systems, specialty vehicles and their related through life support for defence, homeland security and commercial applications. Please visit www.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 in Singapore, 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.
SVP, Corporate Communications
Tel: (65) 6722 1883
Fax: (65) 6720 2293
Seng Woei Yuan
Head, Corporate Communications
Tel: (65) 6660 7449
Fax: (65) 6265 8862