ST Engineering injects $3.3m capital into Brazilian manufacturing unit

The group’s total investment in LeeBoy Brazil will jump to $20m.

With the aim to further reach Latin America Markets, ST Engineering gave out additional capital to LeeBoy Brazil Equipamentos De Construção Ltda for working capital purposes.

The capital injection was made by ST Engineering's land systems division headed by Singapore Technologies Kinetics Ltd.

Following the additional capital, the group's total investment in LeeBoy Brazil will climb to $20 million.

LeeBoy Brazil was incorporated in 2013 to establish a manufacturing base in Brazil to further grow the market presence of its brand of road construction equipment in Latin America.

The group said this move will not have any impact on its current financial year.

"The injection of capital is not expected to have any material impact on the consolidated net tangible asset per share and earnings per share of ST Engineering for the current financial year," the group said.