Singapore, 20 October 2015 – Singapore Technologies Engineering Ltd (ST Engineering) announced today that Mobility Systems Pte Ltd (MSPL), a wholly owned subsidiary of its land systems arm, Singapore Technologies Kinetics Ltd (ST Kinetics), has injected BRL5.8m (approximately S$2.6m) into Technicae Projetos e Serviços Automotivos Ltda. (Technicae), as working capital for Technicae’s operations in Brazil. This equity injection increases MSPL’s total investment in Technicae to BRL13.05m (approximately S$6.6m) and increases MSPL’s shareholding in Technicae from 90% to 94.36%.
ST Kinetics has correspondingly injected S$2.6m into the capital of MSPL as funding for MSPL’s capital injection into Technicae.
Technicae provides automotive maintenance, repair and overhaul services including automotive platforms revitalisation and modernisation projects, as well as related trade, import and export of parts and accessories for its predominantly military customers. Notable contracts secured by Technicae include armoured vehicle revitalisation services and upgrading of the Urutu 6x6 Armoured Personnel Carriers for the Brazilian Army.
The injection of capital 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 Kinetics (Singapore Technologies Kinetics Ltd) is the land systems and specialty vehicles arm of Singapore Technologies Engineering Ltd. It is one of Asia’s leading land systems and specialty vehicles companies, delivering smart engineering solutions since 1967 for the commercial, defence and homeland security markets. With 6,500 employees worldwide and revenue of over $1.4b in FY2014, ST Kinetics delivers products and solutions to end users in more than 40 countries around the world; helping to maintain the peace of nations and increasing the productivity of businesses involved in earthmoving, road construction and goods distribution. Please visit www.stengg.com for more information.
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 www.stengg.com for more information.
SVP, Corporate Communications
Tel: (65) 6722 1883
Seng Woei Yuan
Head, Corporate Communications
Tel: (65) 6660 7449 / (65) 9842 2773