Singapore Technologies Engineering Ltd (ST Engg) announces
subscription of new shares in WizVision.com Pte Ltd
13 January 2004
Singapore Technologies Engineering Ltd (ST Engg)
today announced that SES Systems Pte Ltd (SES), a wholly-owned subsidiary
of Singapore Technologies Electronics Ltd (ST Elect), has subscribed
for an additional 110,000 ordinary shares of S$1.00 each in WizVision.com
Pte Ltd (WizVision) for a cash consideration of S$110,000. This
is part of an exercise to increase the share capital of WizVision
through the subscription of new shares by new and existing shareholders.
With the new share subscription, SES' shareholding in WizVision
is increased from 22% to 22.8%. ST Elect is the electronics arm
of ST Engg.
This subscription by SES in WizVision is not expected to have any
material impact on the consolidated net tangible assets per share
and earnings per share of ST Engg for the current financial year.
The increase in capital will provide WizVision with additional funds
for new product development and business expansion in China, Indonesia
and Malaysia. WizVision, which develops payment and e-banking solutions
to financial institutions, complements SES' real-time financial
solutions for enterprises.
About WizVision
WizVision is a technology company providing end-to-end solutions
for payments, bill presentation and online banking. With clients
that include leading international banks, payment processors, large
enterprises and government agencies, WizVision has consistently
delivered significant and quantifiable benefits to our clients through
the innovative use of technology.
SES
SES, a wholly-owned subsidiary of ST Elect, started operations in
1986 and has since emerged as the leading systems house in the region
for mobile real-time decision support systems. A key C2I (Command,
Control & Intelligence) solutions provider, SES focuses primarily
on providing superior Defence C2I applications, Homeland Security
systems and Enterprise solutions to both civil and defence customers
worldwide. SES' activities range from consultancy to design, development,
systems integration, commissioning and life-cycle support of operational
systems.
ST Elect delivers innovative system solutions to defence,
commercial and industrial customers worldwide. It specialises in
the design, development and integration of advanced electronics
systems, such as broadband RF & microwave communication, rail
& traffic management, real-time command & control, training
& simulation, intelligent building management, and information
security and m-commerce solutions. ST Elect applies leading edge
technologies and design methodologies to meet the stringent requirements
of customised electronics systems and solutions. It undertakes continuing
research and development to help create cost-effective proprietary
products at system and component levels providing quality solutions
to customers.
ST Engg 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 S$2.82 billion in FY2003. Its market capitalisation
of about S$6 billion ranks it among the ten largest companies listed
on the Singapore Exchange. ST Engg has 12,000 employees worldwide,
and over 100 subsidiaries in 15 countries and 22 cities.
|
