Singapore, 24 October 2017 – Singapore Technologies Engineering Ltd (ST Engineering) announced it has injected BRL9.7m (about S$4.3m) into Technicae Projetos e Serviços Automotivos Ltda. (Technicae) as working capital through its Land Systems arm subsidiary, Mobility Systems Pte Ltd (MSPL). This brings MSPL’s total investment in Technicae to BRL23.0m (about S$11.3m).
Technicae, based in Brazil, provides automotive maintenance, repair and overhaul services including automotive platforms revitalisation and modernisation projects for its predominantly military customers. In recent years, it has secured several notable contracts including Cascavel armoured vehicle revitalisation services and the Urutu 6x6 Armoured Personnel Carriers upgrades programme for the Brazilian Army.
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 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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