ST Engineering Injects Capital in Brazilian Arm
Singapore Technologies Engineering Ltd (ST Engineering) today announced that further to its announcement on 11 July 2014 on the setting up of ST Electronics do Brasil Serviços e Soluções em Sistemas Eletronicôs Ltda (ST Electronics Brazil) in Brazil, it has completed the capital injection of US$2m (about S$2.49m) into its Brazilian subsidiary.
ST Electronics Brazil was set up with two shareholders in compliance with Brazilian laws - Singapore Technologies Electronics Limited (ST Electronics) holds 99% stake, while its wholly owned subsidiary, ST Electronics (Satcom & Sensor Systems) Pte. Ltd., holds the remaining 1% stake.
This capital injection 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 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 revenue of $6.63b in FY2013 a