Singapore Technologies Engineering Ltd. : ST Engineering’s Land Systems Arm Sets Up Automotive And Specialty Vehicles Subsidiary In Yangon, Myanmar
November 19, 2013 at 08:33 am
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ST Engineering's Land Systems Arm Sets Up Automotive And Specialty Vehicles Subsidiary In Yangon, Myanmar
Singapore, 19 November 2013 - Singapore Technologies Engineering Ltd (ST Engineering) announced today that its land systems arm, Singapore Technologies Kinetics Ltd (ST Kinetics) has through its wholly owned subsidiaries, Autonomous Technology Pte Ltd (ATPL) and Singapore Commuter Pte Ltd (SCPL), set up a wholly owned subsidiary, Kinetics Automotive & Specialty Equipment Co., Ltd (KASE) in Yangon, Myanmar, with a paid up capital of US$423,000 (S$524,000). ATPL holds 422,999 shares while SCPL holds 1 share in the capital of KASE.
KASE will serve as a platform to introduce and support ST Kinetics' automotive and specialty vehicles products and services in Myanmar's burgeoning economy, as part of its plan to grow its commercial business in the country.
The setting up of KASE 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 Kinetics (Singapore Technologies Kinetics Ltd) is the land systems and specialty vehicles arm of Singapore Technologies Engineering Ltd. It is one of Asia's leading land systems and specialty vehicles companies, delivering smart engineering solutions since 1967 for the commercial, defence and homeland security markets. With more than 7,000 employees worldwide and revenue of over S$1.53b in FY2012, ST Kinetics delivers products and solutions to end users in more than 40 countries around the world; helping to maintain the peace of nations and increasing the productivity of businesses involved in earthmoving, road construction and goods distribution. www.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 S$6.38b in FY2012 and ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, FTSE ASEAN 40 Index, MSCI Singapore and other indices. ST Engineering has more than 22,000 employees worldwide, and over 100 subsidiaries and associated companies in 23 countries and 41 cities.www.stengg.com.
Media contacts:
Lina Poa SVP, Corporate Communications ST Engineering Tel: (65) 6722 1883 Mobile: (65) 9696 5453 Email: linapoa@stengg.com
Seng Woei Yuan Head, Corporate Communications ST Kinetics Tel: (65) 6660 7449 Mobile: (65) 9842 2773 Email: sengwy@stengg.com
Singapore Technologies Engineering Ltd is a Singapore-based global technology, defense and engineering company. The Company operates through a diverse portfolio of businesses across the aerospace, smart city, defense and public security segments. The Companyâs segments include Commercial Aerospace, Urban Solutions & Satcom, and Defence & Public Security. The Commercial Aerospace includes airframe, engine and components maintenance, repair and overhaul, original equipment manufacturer for nacelles, composite floorboard and passenger-to-freighter conversions and aviation asset management. The Urban Solutions & Satcom includes smart mobility, smart utilities and infrastructure, urban environment solutions and satcom. Defence & Public Security includes public safety and security, critical information infrastructure solutions, control systems, cryptographic technology design and cybersecurity. It comprises defense business areas, such as digital systems and cyber, land systems, and more.