Latest News

December 2006

ST Engineering Divests Stake In Green Dot Internet Services

Singapore, 8 December 2006 — Singapore Technologies Engineering Ltd (ST Engineering) today announced that ST Electronics (Info-Software Systems) Pte Ltd (STEE-InfoSoft) has entered into an agreement to sell its entire 22.66% equity stake in Green Dot Internet Services Pte Ltd (GDIS) to Singapore Computer Systems Ltd (SCS) for $1,017,400 in cash.  The purchase consideration was arrived at between STEE-InfoSoft and SCS on a willing buyer, willing seller basis.  STEE-InfoSoft is a wholly-owned subsidiary of ST Engineering’s electronics arm, Singapore Technologies Electronics Limited (ST Electronics).

The sale of shares in GDIS 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.

SCS is a subsidiary of Temasek Holdings Private Limited, which is a substantial shareholder of ST Engineering.  However, although SCS is an "interested person" within the meaning of Chapter 9 of the Listing Manual, Rule 905(1) of the Listing Manual does not apply to this transaction as the value thereof is less than 3% of the latest audited consolidated net tangible assets of ST Engineering.

STEE-InfoSoft invested in GDIS in 2001 with an earlier intent to leverage on Internet portal services.  This divestment is to streamline ST Electronics’ portfolio and grow its e-Government thrust of turnkey solution and managed services space.

GDIS, incorporated in 2000, is an e-business enabler and Internet services and solutions provider, specialising in portal management and operation, contact centre and integrated marketing services. GDIS had since developed, operated and managed various Internet portals such as MIW.com.sg (lifestyle portal for Singapore’s national servicemen), ONE.MOTORING (Singapore’s one-stop motoring portal) and the Singapore Tourism Portal.

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.  STEE-InfoSoft provides mission critical Command, Control & Intelligence  (C2I) systems including C2 simulation, delivering Homeland Security systems and e-Government services and solutions.  For more information, 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 16,000 employees worldwide, and over 100 subsidiaries in 20 countries and 35 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