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June 2008

ST Electronics Sets Up Joint Venture In Kazakhstan To Focus On Education Projects

Singapore, 2 June 2008 — Singapore Technologies Electronics Limited (ST Electronics) today announced that it has set up a subsidiary in a joint venture with Glotur Technology Fund (GTF) in Kazakhstan.  GTF is a venture fund created by Kazakhstan’s National Innovation Fund and provides start-up capital to new companies that demonstrate a potential in creating new technologies or the opening of new markets for Kazakhstan. The subsidiary company, MERITS Technologies LLP (MERITS Technologies), was set up through ST Electronics (Training & Simulation Systems) Pte. Ltd. (STEE-T&S), a subsidiary of ST Electronics.  STEE-T&S holds a 51% stake in MERITS Technologies and GTF holds the remaining 49%. 

The set up of MERITS Technologies 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.

MERITS Technologies will initially focus on education projects in Kazakhstan. These projects will include the supply, integration and installation of equipment, operating software and learning courseware for public schools and private institutions in the country. There are more than 8000 education facilities in Kazakhstan. MERITS Technologies will subsequently customise, market and sell these products to countries in the Central Asian region. MERITS Technologies will also assist ST Electronics in seeking viable business opportunities in the region. 

The formation of this joint venture company, with its focus on Information Communication Technologies, will positively impact the future of innovation and technology in our country. The development of many sectors in industry – power engineering, the building of machines, petroleum and gas extraction, chemical production, aerospace and nuclear energy, is dependent on computer technology. Consequently, the use and learning of such high technology in schools must be part of the contemporary education process. In education, high technology equipment has evolved into everyday tools for schools in order to provide for the effective transfer of knowledge and skills.

Mr Khanat NUREKENOV
Chairman, Glotur JSC

Education is important to the future of any country. We are proud to have been selected to install multi-media laboratories and learning software in more than 1,100 schools in Kazakhstan. The formation of MERITS Technologies is a demonstration of our commitment to develop further solutions for education by localising operations. We are looking forward to doing more in improving the education landscape in the Central Asian region through our joint venture company.

Mr SEAH Moon Ming,
President, ST Electronics

Glotur Technology Fund is one of five venture funds created by the country’s National Innovation Fund (NIF). GTF is a joint venture between the NIF and Glotur JSC (Joint Stock Company). GTF aims to attract export-oriented projects, with a focus on IСT and other innovative technologies. The fund provides start-up capital to new companies that demonstrate a potential of creating new technologies or the opening of new markets for Kazakhstan. Glotur JSC, the second founder of the GTF, is one of the largest ICT and system integration companies in Kazakhstan. The company has many years of experience in realising ICT projects. Glotur JSC is also involved in the construction, food and mining industries.

ST Electronics (Training & Simulation Systems), a wholly-owned subsidiary of ST Electronics, develops, manufactures and markets advanced computer graphic software and solutions for Simulation, Animation, Games and Edutainment applications.  It applies leading edge technologies and design methodologies to meet the stringent requirements of customised electronics systems and solutions.  For more information, 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.  With presence in more than 18 countries and 28 cities, ST Electronics markets its solutions to more than 70 countries internationally.  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.

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 $5.05b in FY2007. With a market capitalisation of about $10b, it ranks among the largest companies listed on the Singapore Exchange. ST Engineering has more than 18,000 employees worldwide, and over 100 subsidiaries and associated companies in 21 countries and 35 cities. Please visit www.stengg.com.

Media contact:

Wendy Ong
Asst Manager, Corporate Communications
ST Electronics
Tel: (65) 6413 1881 / 9822 2733
Fax: (65) 6484 8840
Email: wendyong@stee.stengg.com