Singapore Technologies Engineering Ltd (ST Engineering) this week said its electronics arm, Singapore Technologies Electronics Limited (ST Electronics), has set up a wholly owned subsidiary, ST Electronics (Wuxi) Co. Ltd. in Wuxi, China with a paid up capital of approximately $3.2 million.
ST Electronics (Wuxi) Co. Ltd. is wholly owned by ST Electronics (Info-Software Systems) Pte. Ltd., which in turn, is a wholly owned subsidiary of ST Electronics.
The new ST Electronics (Wuxi) Co. Ltd. will provide software development, IT training services and future e-Government solutions to ST Electronics’ customers.
Wuxi, located in the Jiangsu province, offers vast business opportunities and has a comprehensive industry development plan, established infrastructure, a healthy pool of resources and is in close proximity to ST Electronics’ customers in China, the company said.
The setup of ST Electronics (Wuxi) Co. Ltd. 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.