Singapore, 26 February 2016 – Singapore Technologies Engineering Ltd (ST Engineering) today announced that Kinetics Link Services Sdn Bhd (KLS), a Malaysian indirect subsidiary of its land systems arm, Singapore Technologies Kinetics Ltd (ST Kinetics), has effected a capital reduction of its share capital from RM7,000,000 (approximately S$2,344,300) to RM10 (approximately S$3). The purpose of this exercise is to return shareholders an amount of RM6,999,990 (approximately S$2,344,297) in paid-up capital which is in excess of the KLS’ needs. Following the capital reduction, KLS is now dormant and at the appropriate time, will undergo a voluntary liquidation.
ST Kinetics holds a 60% stake in KLS, through its subsidiary, SDDA Pte Ltd (SDDA). KLS is a joint venture company between SDDA and IT Portlink Sdn. Bhd. (ITP).
The capital reduction 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 $6.34b 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.
SVP, Corporate Communications
Tel: (65) 6722 1818