Huat Retires as Non-Ex Dir. of ST Engineering
Singapore Technologies Engineering Ltd (ST Engineering) today announced the retirement of Mr Quek Poh Huat as non-executive Director of the Company at its Annual General Meeting on 23 April 2015. Mr Quek has decided not to seek re-election. The Board of Directors wishes to thank Mr Quek for his commitment and invaluable contributions to the Board and the board committees over the past 13 years since 2002. Mr Quek will continue in his position as Chairman of the Group’s subsidiary, Singapore Technologies Kinetics Ltd.
ST Engineering Makes Management Changes
Singapore Technologies Engineering Ltd today announced that Mr Ravinder Singh will replace Mr Sew Chee Jhuen as President of Singapore Technologies Kinetics Ltd (ST Kinetics). Mr Sew will take on a new role as President for Special Projects at ST Engineering. The appointments are effective 23 March 2015. Mr Singh is currently Deputy President, Corporate and Market Development at Singapore Technologies Electronics Limited (ST Electronics), a role he held since joining the Group in August 2014. He will relinquish this appointment in ST Electronics. Currently, in this position, he leads the Group's Smart Nation initiatives and will continue to do so in his new capacity.
ST Engineering Injects Capital into Leeboy India
Singapore Technologies Engineering Ltd (ST Engineering) announced today that its land systems arm, Singapore Technologies Kinetics Ltd has injected S$4.2m (equivalent to INR200m) into its wholly owned subsidiary, SDG Kinetics Pte Ltd (SDGK), for flowthrough capital injection into LeeBoy India Construction Equipment Private Limited (LeeBoy India) to provide working capital for LeeBoy India’s operations in India. At the same time, SDGK has purchased shares worth INR9.4m (approximately S$0.2m), approximately 1.2% of LeeBoy India’s total share capital, from LeeBoy India’s management staff. The shares were purchased at the subscription price of INR10 (approximately S$0.21) per share in accordance with the terms of the management staff’s employment contracts.
St Engineering's Land Systems Arm Inject Capital in Brazil
Singapore Technologies Engineering Ltd (ST Engineering) announced today that SDG Kinetics Pte. Ltd. (SDGK) and Autonomous Technology Pte Ltd (ATPL), wholly owned subsidiaries of its land systems arm, Singapore Technologies Kinetics Ltd (ST Kinetics), have injected BRL5,499,450 (approximately S$3.2m) and BRL550 (approximately S$318) respectively into the capital of LeeBoy Brazil Equipamentos De Construção Ltda. (LeeBoy Brazil), as working capital for LeeBoy Brazil’s operations in Brazil. This equity injection increases SDGK and ATPL’s total investment in LeeBoy Brazil to BRL28.5m (approximately S$15.7m). ST Kinetics has correspondingly injected approximately S$3.2m into the capital of SDGK as funding for SDGK’s capital injection into LeeBoy Brazil.
ST Engineering Divest 50% Stake In Beijing Zhonghuan
Singapore Technologies Engineering Ltd (ST Engineering) updated today that further to an earlier announcement made on 28 January 2014, Singapore Technologies Kinetics Ltd has completed the divestment of its 50% equity stake in Beijing Zhonghuan Kinetics Heavy Vehicles Co., Ltd. following the approval by relevant governmental and regulatory authorities. 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.
