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http://www.stee.stengg.com/2005/newsrm/2004/prt-07-02.htm
SINGAPORE, 27 July 2004 — Singapore Technologies Electronics (ST Electronics) today announced that its wholly-owned subsidiary, iTS Technologies Pte Ltd (iTS) has subscribed for an additional 1,186,500 ordinary shares at par value of $1.00 each in Prescient Systems & Technologies Pte Ltd (Prescient) for a cash consideration of S$1,186,500. The subscription of shares by iTS is on a pro rata basis to its shareholding in Prescient.
ST Electronics is the electronics arm of Singapore Technologies Engineering Ltd (ST Engineering). This subscription 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.
In accordance with a capitalisation schedule to support the working capital of Prescient, iTS has agreed to subscribe an additional 1,186,500 ordinary shares for cash at par of $1.00 each. This further subscription is also on a pro rata basis and iTS will maintain its existing 51% shareholding in Prescient on completion.
Magdalen LOH
AVP / Head, Corporate Communications
ST Electronics
Tel: (65) 64131788
Fax: (65) 64848840
Email: lohlmm@stee.st.com.sg
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