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Singapore, 19 January 2005 — Singapore Technologies Engineering Ltd (ST Engineering) today announced that WizVision Pte Ltd (WizVision), a 22.8% associated company of SES Systems Pte Ltd (SES Systems), has incorporated a wholly-owned subsidiary, WizVision (HK) Pte Limited (WizVision HK) in Hong Kong. SES is a wholly-owned subsidiary of Singapore Technologies Electronics Limited (ST Electronics), the electronics arm of ST Engineering.
WizVision HK is incorporated with an authorised and paid-up capital of HK$10,000 and HK$1,000 respectively and will provide payment and e-banking solutions to financial institutions in Hong Kong. WizVision’s payment solutions complement SES’ real-time financial solution offerings to enterprises. This is the second company that WizVision is setting up in the Greater China area. With its incorporation, WizVision HK will become the holding company of WizVision (Shanghai) and spearhead the growth for the company in Greater China.
The incorporation of WizVision (HK) 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.
About WizVision
WizVision is a technology company providing end-to-end solutions for payments,
bill presentation and online banking. With clients that include leading international
banks, payment processors, large enterprises and government agencies, WizVision
has consistently delivered significant and quantifiable benefits through
innovative use of technology.
SES Systems
SES Systems, a wholly-owned subsidiary of ST Electronics, started operations
in 1986 and has since emerged as the leading systems house in the region
for mobile real-time decision support systems. A key C2I (Command, Control & Intelligence)
solutions provider, SES Systems focuses primarily on providing superior Defence
C2I applications, Homeland Security systems and Enterprise solutions to both
civil and defence customers worldwide. SES Systems’ activities range
from consultancy to design, development, systems integration, commissioning
and life-cycle support of operational systems.
ST Electronics, the electronics arm of ST Engineering, delivers innovative system solutions to defence, commercial and industrial customers worldwide. It specialises in the design, development and integration of advanced electronics systems, such as broadband RF & microwave communication, rail & traffic management, real-time command & control, training & simulation, intelligent building management, and information security and m-commerce solutions. ST Electronics applies leading edge technologies and design methodologies to meet the stringent requirements of customised electronics systems and solutions. It undertakes continuing research and development to help create cost-effective proprietary products at system and component levels providing quality solutions to customers. Please visit www.stee.stengg.com.
ST Engineering is an integrated engineering group providing solutions and services in the aerospace, electronics, land systems and marine sectors. Headquartered in Singapore, the Group reported revenues of S$2.95 billion in FY2004. Its market capitalisation of about S$7 billion ranks it among the ten largest companies listed on the Singapore Exchange. ST Engineering has 12,000 employees worldwide, and over 100 subsidiaries in 15 countries and 22 cities. Please visit www.stengg.com.
Submitted by Mrs Chua Su Li, Company Secretary on 19/01/2005 to the SGX.
Lim Beng See
VP / Head, Corporate Communications
ST Engg
Tel: (65) 67221883
Fax: (65) 67202293
Email : limbs@stengg.com
Magdalen Loh
AVP / Head, Corporate Communications
ST Elect
Tel: (65) 64131788
Fax: (65) 64848840
Email: magloh@stee.stengg.com
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