| ST Electronics' New Subsidiary to Focus on Communication Systems for Homeland Security Agencies |
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Singapore, 23 January 2006 - Singapore Technologies Electronics Limited (ST Electronics) has set up a wholly-owned subsidiary, STELCOMMS Pte Ltd (STELCOMMS), through ST Electronics (Info-Comm Systems) Pte Ltd (STEE-InfoComm). STELCOMMS has a paid-up capital of S$1.02 million. It will focus on growing the business for communication systems for homeland security agencies in the Asia-Pacific region. STEE-InfoComm is a wholly-owned subsidiary of ST Electronics, the electronics arm of Singapore Technologies Engineering Ltd (ST Engineering). The setting up of STELCOMMS 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. STELCOMMS will be collaborating with Lardosa Investment B.V. (Lardosa), a company based in Netherlands, in the area of communication systems. Along with Lardosa, STELCOMMS will be well-positioned to address the regional market by offering cost-effective solutions, leveraging on ST Electronics' current strong market presence and network, as well as its domain knowledge and technical expertise in homeland security products and solutions. In furtherance of Lardosa's commitment to STELCOMMS, Lardosa will be injecting S$0.98 million into STELCOMMS as a convertible loan with an option to convert to a 49% equity stake. Following such conversion of the loan to equity, STEE-InfoComm will hold a majority stake of 51% in STELCOMMS.
About Lardosa Investment B. V.Lardosa is a Dutch holding company with portfolio companies, both in the homeland defence and the commercial IT areas, located in the US and Europe. ST Electronics (Info-Comm Systems) is a wholly-owned subsidiary of ST Electronics. It is a leading solutions house in the Asia Pacific region for infocommunications, advanced electronics and intelligent transportation businesses. From design and development to production, system integration, maintenance and enhancement, it has become a one-stop solutions house and a strong partner for its commercial, government, defence and homeland security customers worldwide. Its core business areas include emergency response and integrated security and surveillance systems, e-Government infocommunications and enterprise solutions, intelligent traffic and advanced fleet management systems, infosecurity products and solutions and managed operations services. Please visit www.stee.stengg.com ST Electronics, the electronics arm of ST Engineering, delivers innovative system solutions to government, commercial, defence, and industrial customers worldwide. It specialises in the design, development and integration of advanced electronics systems, such as broadband radio frequency and satellite communication, e-government solutions, information communications technologies, rail and traffic management, real-time command & control, training and simulation, intelligent building management, and information security and mobile commerce solutions. Please visit www.stee.stengg.com ST Engineering is an integrated engineering group providing solutions and services in the aerospace, electronics, land systems and marine sectors. Headquartered in Singapore, the Group reported revenues of $3.34b in FY2005. Its market capitalisation of over $8b ranks it among the largest companies listed on the Singapore Exchange. ST Engineering has about 14,000 employees worldwide, and over 100 subsidiaries in 17 countries and 29 cities. Please visit www.stee.stengg.com
Press Contacts: Magdalen Loh AVP / Head, Corporate Communications
Tel: (65) 6413 1788
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