Singapore, 6 January 2020 – Singapore Technologies Engineering Ltd (ST Engineering) today announced that it has streamlined its U.S. entities through short-form mergers and a dissolution.
Vision Technologies Land Systems, Inc. (VT Land Systems), which was the holding company for ST Engineering Hackney, Inc., ST Engineering LeeBoy, Inc. and ST Engineering Aethon, Inc., was merged with ST Engineering North America, Inc., with the latter being the surviving entity. Hence, the shares held by VT Land Systems were transferred to ST Engineering North America.
Vision Technologies Marine, Inc. (VT Marine), which was the holding company for VT Halter Marine, Inc., was merged with ST Engineering North America Government, Inc., with the latter being the surviving entity. Hence, the shares held by VT Marine were transferred to ST Engineering North America Government.
An inactive subsidiary, VT Systems International, LLC has been dissolved.
These developments are 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 Engineering is a global technology, defence and engineering group specialising in the aerospace, electronics, land systems and marine sectors. The Group employs about 22,000 people across offices in Asia, the Americas, Europe and the Middle East, serving customers in the defence, government and commercial segments in more than 100 countries. With more than 500 smart city projects across 70 cities in its track record, the Group continues to help transform cities through its suite of Smart Mobility, Smart Security and Smart Environment solutions. Headquartered in Singapore, ST Engineering reported revenue of $6.7b in FY2018 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, SGX ESG Transparency Index and SGX ESG Leaders Index.
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