ST Engineering's Electronics Arm To Divest Subsidiary
PT. PMB Indonesia And Renames Subsidiary PM-B
Singapore, 16 February 2011 — ST Engineering today announced that its wholly owned subsidiary, PM-B Pte Ltd (PM-B) has entered into an agreement to sell its 100% equity interest in PT PMB Indonesia (PM-B Indo) to Mr Reza Dwi Nugroho for a cash consideration of about S$470,000, subject to regulatory approval. The cash consideration was arrived at on a willing buyer willing seller basis taking into consideration the current performance and net tangible assets of PM-B Indo. Following the divestment, PM-B Indo will cease to be a wholly owned subsidiary of PM-B. PM-B is a wholly owned subsidiary of ST Electronics, the electronics arm of ST Engineering.
The divestment of PM-B Indo is a result of ongoing business review to streamline capabilities and optimise resources within the Group to better focus on data centre services.
The divestment of PM-B Indo 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.
PM-B Pte Ltd (PM-B) has been renamed ST Electronics (Data Centre Solutions) Pte. Ltd. The change of name is to align PM-B’s business brand with the other businesses under the ST Electronics group.
ST Engineering (Singapore Technologies Engineering Ltd) 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 $5.98b in FY2010 and ranks among the largest companies listed on the Singapore Exchange. ST Engineering has more than 20,000 employees worldwide, and over 100 subsidiaries and associated companies in 24 countries and 45 cities. Please visit www.stengg.com.
ST Electronics (Singapore Technologies Electronics Limited), the electronics arm of ST Engineering, delivers innovative system solutions to government, commercial, defence, and industrial customers worldwide. With a presence in more than 30 cities in 20 countries, ST Electronics markets its solutions to more than 100 countries internationally. It specialises in the design, development and integration of advanced electronics and communications systems, such as broadband radio frequency and satellite communication, e-Government solutions, information communications technologies and IT, rail and traffic management, real-time command and control, modelling and simulation, interactive digital media, intelligent building management and information security.Please visit www.stee.stengg.com.
AVP / Head, Corporate Communications
Singapore Technologies Electronics Limited
Tel: (65) 6413 1788 / 9822 3321
Fax: (65) 6484 8840