ST Engineering's electronics arm increases Telematics Wireless stake

STEE-InfoComm now owns 96.66% stake in Telematics by adding 2.73% more.

Singapore Technologies Engineering Ltd (ST Engineering) on Friday announced that its wholly owned subsidiary, ST Electronics (Info-Comm Systems) Pte. Ltd. (STEE-InfoComm), has increased its stake in Telematics Wireless Ltd (Telematics) by 2.73% for a total consideration of US$2.16m (about S$3.07m). The consideration was arrived at on a willing buyer willing seller basis, taking into account Telematics' past performance, profitability and future prospects.

The stake increase follows the exercise of put options by the minority shareholders of Telematics pursuant to the Call and Put Option Agreement entered into between STEE-Infocomm and the minority shareholders on 15 November 2007, according to an ST Engineering announcement.

With this increase, STEE-InfoComm owns 96.66% stake in Telematics. STEE-InfoComm is a wholly owned subsidiary of Singapore Technologies Electronics Limited (ST Electronics), the electronics arm of ST Engineering.

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