ST Engineering has injected S$10.3m into LeeBoy India. This is to provide working capital for LeeBoy India’s operations in India.
At the same time, ST Engineering's SDG Kinetics has purchased shares worth INR7.8m (approximately S$0.2m) from LeeBoy India’s remaining minority shareholders. The shares were purchased at the subscription price of INR10 (approximately S$0.21) per share in accordance with the terms of the management staff’s employment contracts.
This brings SDGK’s total investment in LeeBoy India to INR1,479.8m (approximately S$34.3m). Following this purchase, LeeBoy India becomes a wholly owned subsidiary of ST Kinetics.
LeeBoy India is headquartered in Bangalore, India. It designs and manufactures high performance road construction and excavation equipment that enhances the operational efficiency and productivity of companies in the infrastructure sector.
The capital changes are 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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