ST Engineering sets up management services entity

Its paid-up capital is $500,000.

Singapore Technologies Engineering Ltd (ST Engineering)  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.