Singapore, 4 September 2015 — Singapore Technologies Engineering Ltd (ST Engineering) today announced that ST Electronics (Training & Simulation Systems) Pte. Ltd. (STEE-T&S) has acquired the remaining 30% equity stake in ST Education & Training Private Limited (STET) from the other existing minority shareholders, for a total cash consideration of S$4.6m.
The purchase consideration was arrived at on a willing buyer willing seller basis, taking into consideration STET’s current performance. With the acquisition, STET has become a wholly owned subsidiary of STEE-T&S, which in turn is a subsidiary of Singapore Technologies Electronics Limited, the electronics arm of ST Engineering.
STET was established in 2002 to target the niche market in education and training for the maritime industry. With full ownership, ST Electronics will have the flexibility to further expand this business into providing training services for the operational and technical domains of the maritime, aerospace, land services and commercial industries.
This acquisition 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.
ST Electronics (Singapore Technologies Electronics Limited) is the electronics arm of Singapore Technologies Engineering Ltd, one of the largest public-listed companies on the Singapore Exchange. ST Electronics is a global engineering company specialising in the design, development and integration of advanced electronics and communications systems. Our capabilities are in Rail & Intelligent Transportation; Satellite & Broadband Communications; Info Comm Technologies; Command & Control operations, Training & Simulation; Intelligent Building & Security Systems and Cybersecurity. We have a presence in over 20 countries spanning North America, Latin America, Europe, Africa, the Middle East, China, India and Southeast Asia. For more information, 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 in Singapore, the Group reported revenue of $6.54b in FY2014 and ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index and MSCI Singapore. ST Engineering has about 23,000 employees worldwide, and over 100 subsidiaries and associated companies in 46 cities across 24 countries. Please visit http://www.stengg.com/ for more information.
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AVP, Corporate Communications
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