ST Engineering Raises Cap In STET
Singapore Technologies Engineering Ltd (ST Engineering) announced today that ST Education & Training Private Limited (“STET”) has increased its issued and paid up capital from S$1m to S$2m. This increase in paid-up capital is by way of a bonus issue of 1,000,000 ordinary shares of S$1 each.
This bonus issue is based on the ratio of one new share for every one existing share by way of capitalisation of the revenue reserve account. STET is 70% owned by ST Electronics (Training & Simulation Systems) Pte. Ltd., a wholly owned subsidiary of Singapore Technologies Electronics Limited, the electronics arm of ST Engineering.
The bonus shares, when issued will rank pari passu in all respects with the existing issued ordinary shares of S$1 each in the capital of STET. The increase in share capital will strengthen STET’s business development efforts to participate in larger projects.
This bonus issue is not expected to have any impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year.
STET is a premier education and training company engaged in military training as well as maritime training in Singapore, Southeast and South Asian regions. The core business of the company is to provide education and training as well as management and consultancy services for maritime, land and aerospace industries. In addition, STET has a homeland security business unit providing security consulting and engineering solutions to both the public and private sector.