ST Electronics sets up an IT solutions subsidiary in Wuxi, China

Location chosen due to customer base proximity.

In a release, Singapore Technologies Engineering Ltd (ST Engineering), announced that 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 RMB 20 million (approximately S$4 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.

ST Electronics (Wuxi) Co. Ltd. will provide software development, Information Technology 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 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.

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