Singapore, 26 April 2017 – Singapore Technologies Engineering Ltd (ST Engineering) announced today that its land systems arm, Singapore Technologies Kinetics Ltd (ST Kinetics) has injected CAD17.1 million (about S$18 million) into Kinetics Drive Solutions (KDS) through Mobility Systems Pte Ltd (MSPL). The capital injection is done through a conversion of existing intercompany loans into equity. MSPL’s shareholding in KDS remains at 100%.
KDS is a multi-disciplinary engineering company providing intelligent drive systems for equipment manufacturers, defence contractors and component manufacturers.
The injection of capital 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 Kinetics (Singapore Technologies Kinetics Ltd) is the land systems arm of ST Engineering, an integrated engineering group. With 50 years of engineering expertise behind us, we are driven by a passion for innovation and work with partners and customers to deliver customised land systems and security solutions that meet the stringent operational requirements of defence, homeland security and commercial customers. Headquartered in Singapore, ST Kinetics employs a skilled workforce of some 5,000 people, 70% of whom are in engineering and technical roles, to support customers in over 40 countries. We are the world leader in niche products such as 40mm munitions. In FY2016, ST Kinetics recorded revenue of S$1.4b. Please visit www.stengg.com for more information.
ST Engineering (Singapore Technologies Engineering Ltd) is an integrated 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, the Group reported revenue of $6.68b in FY2016 and 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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