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Singapore, 22 August 2005 — Singapore Technologies Electronics Limited (ST Electronics) has, in response to a capital call for CAD$1.5 million by PolarSat Holdings (PolarSat), injected CAD$0.5 million (approximately S$690,000) in PolarSat through its subsidiary ST Electronics (Satcom & Sensor Systems) Pte Ltd (STEE-SatcomS). With the remaining CAD$1.0M being injected by the other shareholder of PolarSat, ST Electronics' shareholding in PolarSat is reduced from 40.86% to 38.98%. The capital injection is to support PolarSat's research and development (R&D) activities and was calculated based on expected R&D expenditure. ST Electronics is the electronics arm of Singapore Technologies Engineering Ltd (ST Engineering).
The increase in share capital in PolarSat 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.
Polarsat Holdings, formerly known as PolarSat Inc, focuses on the development and manufacture of satellite communications terminal equipment and systems. The company has its head office and manufacturing plant in Quebec, Canada.
STEE-SatcomS is a wholly-owned subsidiary of ST Electronics. A leading supplier of Very Small Aperture Terminals (VSAT) and network solutions, its customers, spanning more than 60 countries worldwide, include telecommunications service providers, corporate enterprises, financial institutions, defence, government agencies as well as the oil-and-gas industry. With its innovative products and solutions, STEE-SatcomS enables its valuable customers in turn to provide high quality and value-added service to the end-users.
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 satellite communication, e-government solutions, 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 create cost-effective proprietary products at both system and component level. 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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