Singapore, 26 February 2018 - Singapore Technologies Engineering Ltd (ST Engineering) today updated that further to its announcement on 25 July 2017, it has identified an entity, iTS Technologies Pte Ltd, within the Group and renamed it ST Engineering Ventures Fund Pte. Ltd. (STEVF), which will henceforth be used as the vehicle for the Group’s corporate venture activities.
As part of the US$150m (about S$200m) corporate venture fund announced, it has injected about S$47m equivalent of capital into STEVF to support its investments in promising technology start-ups, bringing the total capital to about S$54m.
The exercise 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 Engineering (Singapore Technologies Engineering Ltd) is an integrated defence and engineering group specialising in the aerospace, electronics, land systems and marine sectors. It has global presence with offices in Asia, the Americas, Europe and the Middle East and employs about 22,000 employees. Across the globe, its employees bring innovation and technology together to create smart engineering solutions for its customers in the defence, government and commercial segments. Headquartered in Singapore, ST Engineering reported revenue of S$6.68b in FY2016 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 and the SGX Sustainability Leaders Index. Please visit www.stengg.com for more information.
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