Singapore, 1 June 2016 – Singapore Technologies Engineering Ltd (ST Engineering) today announced that ST Electronics (Info-Software Systems) Pte Ltd (STEE-InfoSoft), a subsidiary of its electronics arm, Singapore Technologies Electronics Limited, has divested its 40% equity interest in NEC STEE Cloud Services Pte Ltd (NSCS) to its joint venture partner, NEC Asia Pacific Pte Ltd. The cash consideration of $731,000 took into account the net asset value, past performance and projected financials of NSCS.
NSCS was set up as a joint venture between STEE-InfoSoft and NEC Asia Pacific in 2011 for SAP Cloud business. The divestment of NSCS is a result of ongoing business review to streamline capabilities and optimise resources within the electronics sector and 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 Electronics (Singapore Technologies Electronics Limited) is the electronics arm of Singapore Technologies Engineering Ltd, one of the largest public-listed companies on the Singapore Exchange. ST Electronics is a global engineering company specialising in the design, development and integration of advanced electronics and communications systems. Our capabilities are in Rail & Intelligent Transportation; Satellite & Broadband Communications; Info Comm Technologies; Command & Control operations, Training & Simulation; Intelligent Building & Security Systems and Cyber Security. We have a presence in over 20 countries spanning North America, Latin America, Europe, Africa, the Middle East, China, India and Southeast Asia. For more information, please visit www.stee.stengg.com.
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 $6.34b in FY2015 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 www.stengg.com for more information.
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