Singapore, 30 July 2015– Singapore Technologies Engineering Ltd (ST Engineering) today announced that its indirect wholly owned subsidiary, VT iDirect, Inc has formed a wholly owned subsidiary, VT iDirect Solutions (VT iDirect Solutions) Limited with a paid up capital of EUR1 (approximately S$1.51) in Ireland.
VT iDirect Solutions is set up as a research and development centre. Its focus is to build competencies in satellite cell backhaul technology to complement the satellite-based IP communications technology of VT iDirect, thereby addressing a global growing need for mobile services.
VT iDirect Solutions is set up as a private limited liability company (PLLC). Its formation 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 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.
SVP, Corporate Communications
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