Singapore, 1 February 2016 – Singapore Technologies Engineering Ltd (ST Engineering) announced today that its land systems arm, Singapore Technologies Kinetics Ltd (ST Kinetics) has injected S$10.3m into its subsidiary, SDG Kinetics Pte Ltd (SDGK), for flowthrough capital injection of INR480m (equivalent to S$10.3m) into LeeBoy India Construction Equipment Private Limited (LeeBoy India). This is to provide working capital for LeeBoy India’s operations in India.
At the same time, SDGK has purchased shares worth INR7.8m (approximately S$0.2m) from LeeBoy India’s remaining minority shareholders. The shares were purchased at the subscription price of INR10 (approximately S$0.21) per share in accordance with the terms of the management staff’s employment contracts.
This brings SDGK’s total investment in LeeBoy India to INR1,479.8m (approximately S$34.3m). Following this purchase, LeeBoy India becomes a wholly owned subsidiary of ST Kinetics.
LeeBoy India is headquartered in Bangalore, India. It designs and manufactures high performance road construction and excavation equipment that enhances the operational efficiency and productivity of companies in the infrastructure sector.
The capital changes are 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