Singapore Technologies Engineering Ltd (ST Engineering), announced that its electronics arm, Singapore Technologies Electronics Limited (ST Electronics) has set up a subsidiary, Singapore Technologies Electronics (Saudi Arabia) Limited (STSA), with a paid up capital of approximately US$2.2 million, in Riyadh, capital of Saudi Arabia.
Singapore Technologies Engineering Ltd (ST Engineering), announced that its electronics arm, Singapore Technologies Electronics Limited (ST Electronics) has set up a subsidiary, Singapore Technologies Electronics (Saudi Arabia) Limited (STSA), with a paid up capital of approximately US$2.2 million, in Riyadh, capital of Saudi Arabia.
The shareholders of this entity are ST Electronics (95%) and its subsidiary, ST Electronics (Info-Comm Systems) (5%). STSA will offer ST Electronics’ engineering services for mass rapid transit projects, intelligent transportation as well as advanced electronics solutions in Saudi Arabia.
The setup 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.