Singapore, 28 November 2016 – Singapore Technologies Engineering Ltd (ST Engineering) today announced that it has set up a new entity, ST Engineering Management Services Pte. Ltd. (STEMS), with a paid-up capital of $500,000.
STEMS will provide shared management services, in support functions such as Finance, Human Resource, Information Technology and Procurement across the Group. In consolidating these support activities into STEMS, ST Engineering aims to achieve greater productivity.
The setting up of the new company 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.
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