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Singapore, 24 May 2005 — Singapore Technologies Electronics Limited (ST Electronics) today announced that its shareholding in Prescient Systems & Technologies Pte Ltd (Prescient), held by its electronics arm, Singapore Technologies Electronics Limited (ST Electronics) has been reduced. ST Electronics’ investment in Prescient is made through its wholly-owned subsidiary, iTS Technologies Pte Ltd (iTS). ST Electronics is the electronics arm of Singapore Technologies Engineering Ltd
iTS’ joint venture partner in Prescient, Woodside Ventures Limited (Woodside), has subscribed for an additional 569,985 ordinary shares at par value of S$1.00 each in Prescient in accordance with a revised capitalisation schedule. As a result, iTS’ shareholding in Prescient has been diluted from 51% to 47.84%. Consequent to the reduction, Prescient has now become an associated company of iTS.
The reduction 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.
Woodside is a British Virgin Island registered private limited company. The principal activities of Woodside are those relating to provision of venture capital and marketing consultancy to high-technology companies.
iTS is a subsidiary of ST Electronics,
is a Singapore registered private limited company. The principal activities
of iTS are those relating to IT professional services and systems consultancy;
including the development, marketing and maintenance of advanced simulation
and training systems for defense and other industries.
ST Electronics the electronics
arm of ST Engineering, delivers innovative system solutions
to commercial, defence, and industrial customers worldwide.
It specialises in the design, development and integration
of advanced electronics systems, such as broadband radio
frequency and microwave communication, rail and traffic management,
real-time command & control, training and simulation,
intelligent building management, and information security
and mobile 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 both system
and component level to provide 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 more than 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) 6413-1788
Fax: (65) 6484-8840
Email: magloh@stee.stengg.com
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