Singapore, 15 April 2016 – Singapore Technologies Engineering Ltd (ST Engineering) announced today that its land systems arm, Singapore Technologies Kinetics Ltd (ST Kinetics) has injected S$8m as equity into its subsidiary, STA Inspection Pte Ltd (STA), bringing the total investment to S$8.01m.
This equity injection will be used to purchase certain assets from Singapore Test Services Pte Ltd (STS), also an ST Kinetics subsidiary, and as working capital for STA’s operations in Singapore.
STA provides one stop vehicle related services that include roadworthiness inspection, insurance and road tax renewal, ownership transfer, IU inspection and installation, VITAS inspections, car evaluation, accident reporting, accident claims surveying and accident investigation and reconstruction.
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 more than 6,500 employees worldwide and revenue of over S$1.4b in FY2015, 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 $6.34b 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 1883