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Home » News & Events » Latest News | |
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Latest NewsJune 2010ST Electronics Divests Shares Singapore, 30 June 2010 — Singapore Technologies Electronics Limited (ST Electronics) today announced that its subsidiary, ST Education & Training Private Limited (STET), has entered into an agreement to sell its entire 100% equity interest in STET Institute Pte. Ltd. (STET Institute) to Sirius Venture Group Pte. Ltd. for a cash consideration of S$532,544. The consideration was arrived at on a willing buyer willing seller basis taking into consideration the net tangible assets value of STET Institute. ST Electronics is a subsidiary of public listed Singapore Technologies Engineering Ltd (ST Engineering). Consequent to the sale, STET Institute will cease to be a subsidiary of STET. The divestment of STET Institute is the result of an ongoing business review of STET to focus on professional education and training in Singapore. This divestment 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.
ST Electronics (Singapore Technologies Electronics Limited), the electronics arm of ST Engineering, delivers innovative system solutions to government, commercial, defence, and industrial customers worldwide. With a presence in more than 30 cities in 20 countries, ST Electronics markets its solutions to more than 80 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 and control, modelling and simulation, interactive digital media, intelligent building management and information security. Please visit www.stee.stengg.com. ST Engineering (Singapore Technologies Engineering Ltd) 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 $5.55b in FY2009 and ranks among the largest companies listed on the Singapore Exchange. ST Engineering has more than 20,000 employees worldwide, and over 100 subsidiaries and associated companies in 23 countries and 44 cities. Please visit www.stengg.com. Media contact:Magdalen Loh
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