ST Engineering Injects $66m into VT Systems
Singapore Technologies Engineering Ltd (ST Engineering) today announced that it has injected US$66m (approximately S$89m) into the capital of its US Headquarters, Vision Technologies Systems, Inc. (VT Systems), for the repayment of bank loans. This brings ST Engineering’s total investment in VT Systems to US$343.96m (approximately S$464m).
Following the capital injection above, VT Systems has capitalised its outstanding loan balance of US$35.28m (approximately S$47m) and US$33.08m (approximately S$44m) in its subsidiaries, Vision Technologies Kinetics, Inc. and Vision Technologies Land Systems Inc respectively. Vision Technologies Land Systems has, in turn, capitalised its outstanding loan balance of US$33.08m (approximately S$44m) in its subsidiary, VT Hackney Inc.
These exercises are 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.