ST Kinetics injects $8m capital to subsidiary

Helps the latter secure larger contracts.

Singapore Technologies Engineering Ltd (ST Engineering) today announced that its land systems arm, Singapore Technologies Kinetics Ltd (ST Kinetics), has injected an additional $8m into the capital of its wholly owned subsidiary, SDDA Pte. Ltd. (SDDA), through a conversion of loans previously extended by ST Kinetics. This brings ST Kinetics’ total share capital contribution in SDDA to $10m.

The capital injection is a result of ST Kinetics’ review of SDDA’s capital structure to allow it to tender for higher value contracts.

This capital injection 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.

SDDA is the authorised sales and after-sales centre for Detroit Diesel heavy duty engines and Allison transmissions in Singapore. In addition, SDDA provides comprehensive maintenance, repair and overhaul services for various other engine and transmission systems and a broad range of automotive, electronic, electrical, mechanical and hydraulic components. SDDA also offers customised power generation solutions for the seaports, oil & gas, construction, power and marine industries.

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