(CAPA) Singapore Technologies Engineering Ltd announced its
shareholding interest in associated company, Polarsat Holdings Inc (Polarsat),
has been reduced from 39.98% to 26.67%.
The dilution in shareholding is due to the admission of two new investors in Polarsat as a result of its capital raising effort. The investment in Polarsat is held through ST Electronics (Satcom & Sensor Systems), a subsidiary of its electronics arm, Singapore Technologies Electronics Limited.
The dilution in shareholding in PolarSat 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.
The new capital to be raised is intended for research and development, and market development of Polarsat's next generation of VSAT+3 products.