This article was printed from
http://www.stee.stengg.com/2005/newsrm/2005/prt-02-03.htm
Singapore, 23 February 2005 — Singapore Technologies Electronics Limited (ST Electronics), has increased its holding in the share capital of Sino Stride Technology (Holdings) Limited (SSTH) from 19.88% to 28%. The increase in shareholding, at a cash consideration of HK$27.8 million (S$5.8 million) for 88,260,000 shares, is concluded in a share purchase agreement between ST Electronics and Mega Start, the largest shareholder of SSTH. The purchase price per share is at a 5% discount off the average closing market price of SSTH over 30 consecutive trading days prior to the signing of the agreement. ST Electronics is the electronics arm of Singapore Technologies Engineering Ltd (ST Engineering).
The increase in shareholding 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.
SSTH is a Cayman Islands-registered holding company and is listed on the Growth Enterprise Market, the secondary board in Hong Kong. After the share purchase, the shareholdings of Mega Start, ST Electronics and the public in SSTH are 41.59%, 28% and 30.41%, respectively. With this increase in shareholding, SSTH has become an associated company of ST Electronics.
The main operating unit of SSTH in China is Sino Stride Technology Co Ltd (SST) which engages mainly in intelligent building, intelligent transport, “e-hospital” and “e-government”. Headquartered in Hangzhou, SST enjoys a leading market share in the Zhejiang and Jiangsu provinces and has extended market coverage all over China.
"Since ST Electronics’ initial equity investment in 2002, SST has grown steadily and the two companies have been strategic partners in expanding market access in China, offering mutual benefits to both parties. The increase in equity stake will strengthen the already close collaborative relationship that leverages on our complementary strengths." ~ SEAH Moon Ming |
About SSTH
SSTH is a Cayman Island-registered company. It currently operates as a holding
company and is listed (stock code: 8177) on the Growth Enterprise Market
(GEM). The shareholders of SSTH are Mega Start Ltd, ST Electronics and the
public.
About SST
SST is an equity joint venture established in Hangzhou, Zhejiang province,
China. It is owned as to 97.5% by Sino Stride (BVI) Ltd, which is a wholly
owned subsidiary of SSTH, and as to 2.5% by the Zhejiang University. The
company is engaged principally in developing and providing systems integration
and system software. Its core businesses are in intelligent building, intelligent
transport, e-hospital and e-government systems. Please visit www.sinostride.com.
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 largest companies listed on the Singapore Exchange. ST Engineering has 12,000 employees worldwide, and over 100 subsidiaries and associated companies in 15 countries and 22 cities. Please visit www.stengg.com.
Media Contact:
Magdalen Loh
AVP / Head, Corporate Communications
Singapore Technologies Electronics Limited
Tel: (65) 64131788
Fax: (65) 64848840
Email: magloh@stee.stengg.com
Copyright © 2004 Singapore Technologies Electronics
Limited ( Regn. No.: 196900084E )
Use of this site constitutes acceptance of our Disclaimer.