ST Electronics subscribes to US$700,000 capital call

Singapore Technologies Engineering Ltd's electronics arm subscribed to the capital call in proportion to its 50% shareholding in GFM Electronics.

According to an ST Engineering statement, this is in "response to GFM Electronics' capital call to raise working capital of US$2m to fund the development of new business in Mexico and regional markets in Latin America. These include ICT equipment and electronic material management services, smart metering systems for energy and utilities management and infrastructure protection systems."

GFM Electronics is the joint venture company formed in 2000 with Grupo Ferrominero, S.A. de C.V. to carry out electronic system based projects in Mexico and to promote, distribute and sell ST Electronics' products and services.