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. LeeBoy Brazil was incorporated in 2013 to establish a manufacturing base in Brazil to further grow the market presence of the LeeBoy™ brand of road construction equipment in Brazil and throughout Latin America.
The injection of capital is not expected to have any material impact on the consolidated net tangible asset 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 7,000 employees worldwide and revenue of over S$1.48b in FY2013, 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. Please visit www.stengg.com for more information.
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 S$6.63b in FY2013 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 23,000 employees worldwide, and over 100 subsidiaries and associated companies in 46 cities across 24 countries. Please visit www.stengg.com for more information.