Singapore, 23 September 2020 – Singapore Technologies Engineering Ltd (ST Engineering) announced today that ZHR Marine Limited (ZHR), a joint venture company of its U.S. subsidiary, VT Halter Marine, Inc, has commenced its liquidation process under the laws and regulations of the Kingdom of Saudi Arabia.
ZHR has an issued and paid up capital of Saudi Riyal SR3m (about S$1.1m), with VT Halter Marine, Inc., holding 33.3% of the company. ZHR was set up in 2014 with two other partners to pursue naval modernisation programmes in the Middle East and has no outstanding active programmes. The shareholders have therefore agreed to dissolve the joint venture company.
This 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 is a global technology, defence and engineering group specialising in the aerospace, electronics, land systems and marine sectors. The Group employs about 23,000 people across offices in Asia, Europe, the Middle East and the U.S., serving customers in the defence, government and commercial segments in more than 100 countries. With more than 700 smart city projects across 130 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 $7.9b in FY2019 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, iEdge SG ESG Transparency Index and iEdge SG ESG Leaders Index.
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