Latest News

January 2006

ST Electronics Acquires 70% Equity In PM-B Pte Ltd

Singapore, 20 January 2006 — Singapore Technologies Electronics Limited (ST Electronics) today announced that it has acquired 70% equity in PM-B Pte Ltd (PM-B) for a cash consideration of $20.16 million. This acquisition was made through its wholly-owned subsidiary, ST Electronics (Info-Software Systems) Pte Ltd (STEE-InfoSoft).  ST Electronics is the electronics arm of Singapore Technologies Engineering Ltd (ST Engineering).

This acquisition 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.

The purchase consideration was arrived at between STEE-InfoSoft and PM-B’s shareholders on a willing buyer, willing seller basis, taking into account PM-B’s past performance, current profitability and future prospects.

Established since 1991, PM-B’s turnover for 2005 was $29 million.  PM-B specialises in the design, implementation and support and audit of mission-critical environment for command/data centres, business continuity and disaster recovery sites. PM-B equips its customers with highly resilient environment designed to support an organisation’s operations 24 by 7.  PM-B has a customer base that spans various industries including information and communication technologies, government agencies, finance and education. 

This investment in PM-B is in line with STEE-InfoSoft’s strategy to grow its e-Government business, tapping on the growing demand under the Government’s Best Sourcing initiative. Command/Data centres and business continuity/disaster recovery sites are critical infrastructure to provide effective management and delivery of IT services under this eGovernment/Best Sourcing thrust.

This investment in PM-B enhances STEE-InfoSoft’s capability as one of the leading mission-critical software system and services companies in the region. In today’s volatile business environment, business continuity and disaster recovery is an integral part of the real-time decision support system that ST Electronics delivers to its government, defence and homeland security customers.  Real-time decision support systems are critical to its customers’ operations as these systems need to be up and running throughout the year.

SEAH Moon Ming
President, ST Electronics

Headquartered in Singapore, PM-B has offices in Malaysia, Indonesia, China and Thailand.

STEE-InfoSoft, a wholly-owned subsidiary of ST Electronics, started operations in 1986 and has since emerged as one of the leading systems house in the region for mobile/real-time decision support systems. A key C2I (command, control & intelligence) solutions provider, it focuses primarily on providing superior defence C2I applications, homeland security systems and enterprise solutions to both civil and defence customers worldwide. The company’s activities range from consultancy to design, development, systems integration, commissioning and life-cycle support of operational systems.

ST Electronics, the electronics arm of ST Engineering, delivers innovative system solutions to government, 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, information communications technologies, rail and traffic management, real-time command & control, training and simulation, intelligent building management, and information security and mobile commerce solutions. 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 $3.34b in FY2005.  Its market capitalisation of over $8b ranks it among the largest companies listed on the Singapore Exchange.  ST Engineering has about 14,000 employees worldwide, and over 100 subsidiaries in 17 countries and 29 cities.  Please visit www.stengg.com.

Media contact:

Magdalen Loh
AVP / Head, Corporate Communications
Singapore Technologies Electronics Limited
Tel: (65) 6413 1788 / 9822 3321
Fax: (65) 6484 8840
Email: magloh@stee.stengg.com