Latest News

July 2007

ST Engineering's Electronics Arm Acquires INFA Systems Limited As Wholly-Owned Subsidiary

Singapore, 26 July 2007 — Singapore Technologies Engineering Ltd (ST Engineering) today announced that ST Electronics (Info-Software Systems) Pte. Ltd. (STEE-InfoSoft) has entered into a Sale and Purchase Agreement to acquire the remaining 30% equity stake in INFA Systems Limited (INFA) from the other shareholder, Mr Peter Tsang, for a total cash consideration of HK$1.65 million. The purchase consideration was arrived at on a willing buyer and willing seller basis, taking into account the adjusted net asset value of INFA. Consequent to the purchase, INFA becomes a wholly-owned subsidiary of STEE-InfoSoft.  STEE-InfoSoft is a wholly-owned subsidiary of ST Engineering’s electronics arm, Singapore Technologies Electronics Limited (ST Electronics).

This additional investment in INFA 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 additional investment in INFA allows for greater extraction of synergies. INFA’s established local brand name in Hong Kong gives ST Electronics a strong local vehicle to penetrate the government and conglomerates market in Hong Kong and China. It also serves to strengthen its offering for communications infrastructure solutions for the regional market.

STEE-InfoSoft first acquired its 70% share in INFA in 2003.

INFA Systems Limited, established in 1974, has 33 years of experience in designing, implementing and supporting Wired and Wireless Communication Infrastructure and Solutions including Multimedia Logging System in Hong Kong. It has delivered communications infrastructure to major organisations such as Hong Kong International Airport, Hong Kong Convention and Exhibition Cenrte and Hong Kong Fire Department. With the recent enormous increase in demand in network bandwidth, INFA is now also focused on providing cost effective turnkey solutions to upgrade existing copper network infrastructure to fiber optics network.

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, realtime command & control, training and simulation, intelligent building management, information security solutions and managed services. ST Electronics (Info-Software Systems) Pte Ltd, a wholly owned subsidiary of ST Electronics, specialises in designing, implementing and supporting mission critical Command, Control & Intelligence (C2I) systems including C2 simulation, delivering Homeland Security systems and e-Government services and solutions. Its e-Government implementations comprise managed services and turnkey solutions. Based on its Service Transformation™ framework, the company delivers premier quality solutions and services, in turn enabling its customers to better serve their customers. 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 $4.49b in FY2006.  With a market capitalisation of over $10b, it ranks among the largest companies listed on the Singapore Exchange.  ST Engineering has more than 17,000 employees worldwide, and over 100 subsidiaries and associated companies in 20 countries and 35 cities. Please visit www.stengg.com.

Media contact:

Sharolyn Choy
VP/Director, Corporate Communications
Singapore Technologies Engineering Ltd
Tel: (65) 6722 1883
Fax: (65) 6720 2293
Email: sharolynchoy@stengg.com

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