ST Engineering sets up a subsidiary in Saudi Arabia

It has a paid up capital of $3.2m.

ST Engineering announced its expansion in Saudi Arabia, establishing ST Electronics (Saudi Arabia) Limited.

The newly-formed subsidiary has a paid up capital of 8.4m Saudi Riyals or approximately $3.2m. It will be put up in Riyadh.

The shareholders of this entity are ST Electronics (95%) and its subsidiary, ST Electronics (Info-Comm Systems) Pte. Ltd. (5%). STSA will offer ST Electronics’ engineering services for mass rapid transit projects, intelligent transportation as well as advanced electronics solutions in Saudi Arabia.

The setup 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.