Singapore, 8 August 2016 – Singapore Technologies Engineering Ltd (ST Engineering) today announced that it has placed its subsidiary, Kaz-ST Engineering Bastau Limited Liability Partnership (Bastau), under members' voluntary liquidation. Bastau, based in Astana, Kazakhstan, is a local joint venture set up to develop e-learning and Intelligent Transportation Systems in Kazakhstan. ST Engineering holds 51% of Bastau while Kazakhstan Engineering National Company JSC owns the remaining 49%.
The liquidation of Bastau is a result of ongoing business review to streamline capabilities and 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.
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 $6.34b in FY2015 and ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore and the SGX Sustainability Leaders Index. ST Engineering has about 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.
SVP, Corporate Communications
Tel: (65) 6722 1883