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October 2007

Reduction In Shareholding In PolarSat Holdings

Singapore, 1 October 2007 — Singapore Technologies Electronics Limited (ST Electronics) today announced that its shareholding interest in associated company, Polarsat Holdings Inc (Polarsat), held through its subsidiary ST Electronics (Satcom & Sensor Systems) Pte Ltd, has been reduced from 38.98% to 26.67%.  The dilution in shareholding is due to the admission of two new investors in Polarsat as a result of its capital raising effort.

The dilution in shareholding in PolarSat 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 new capital to be raised is intended for research and development, and market development of Polarsat’s next generation of VSAT+3 products.

PolarSat is a privately-held company focused on the development and manufacture of satellite communications terminal equipment and systems. PolarSat’s head office and manufacturing plant is located in Kirkland, Quebec, Canada. The company also has sales offices in Beijing and Jakarta.  PolarSat offers VSATPlus II and FlexiDAMA product lines which enables state-of-the-art IP functionality including advanced Bandwidth on Demand (BoD), DAMA (Demand Assigned Multiple Access) capabilities and Turbo Product Codes. Please visit www.PolarSat.com

ST Electronics (Satcom & Sensor Systems), is a leading supplier of very small aperture terminals and network solutions. Its customers, spanning more than 70 countries worldwide, include telecommunications service providers, corporate enterprises, financial institutions, defence, government agencies as well as the oil-and-gas industry. With its innovative products and solutions, ST Electronics enables its valuable customers in turn to provide high quality and value-added services to their end-users. Please visit www.stee.stengg.com.

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 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 & control, training and simulation, intelligent building management, and information security and mobile commerce solutions. Please visit www.stee.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