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Latest NewsSeptember 2006ST Engineering's US Company Sets Up Subsidiary In SingaporeSingapore, 4 September 2006- Singapore Technologies Electronics Limited has through Singapore Technologies Engineering Ltd (ST Engineering) today announced that its US company, Vision Technologies Systems, Inc. (VTS), has set up a wholly-owned subsidiary in Singapore, iDirect Singapore Pte Ltd (iDirect Singapore) through iDirect International Inc. iDirect International Inc is a wholly-owned subsidiary of iDirect Inc, a wholly-owned subsidiary of VTS. The setting up of iDirect Singapore 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. iDirect Singapore is established to support the Asia-Pacific region's growing satellite-based broadband IP solutions market. iDirect Singapore provides cost effective solutions, leveraging on ST Engineering's electronics arm's global market presence and network, as well as its domain knowledge and leadership in bandwidth efficiency utilisation technology over satellite. iDirect Inc, a subsidiary of Vision Technologies Systems Inc., designs, develops, and markets satellite-based broadband access solutions targeted at the enterprise, government, carrier and educational sectors that have the need for fast, flexible, and geographically dispersed two-way internet/intranet access. The company has developed technology solutions that combine high performance, worldwide availability, and ease of installation, high reliability, and low cost to end customers. In addition, iDirect solutions offer unprecedented efficiencies, increased revenue opportunities and higher per customer gross margins to satellite network operators. iDirect was awarded the 2005 World Teleport Association Teleport Technology of the year, the Innovation & Technology of the Year by The ISCe Advisory Board, and named number one in the Deloitte & Touche Virginia Technology Fast 50 list of the fastest-growing U.S. technology companies. iDirect operates its corporate headquarters in Herndon, Virginia and has regional offices in Europe, Asia, and covering Latin America. Please visit www.idirect.net. 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 $3.34b in FY2005. Its market capitalisation of about $8b ranks it among the largest companies listed on the Singapore Exchange. ST Engineering has about 16,000 employees worldwide, and over 100 subsidiaries in 17 countries and 29 cities. Please visit www.stengg.com. Media contact:Magdalen Loh
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