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ISR inks MOU for US$2m investment in engineering services firm
ISR Capital has inked a memorandum of understanding (MOU) with Straits Hi-Rel (SHR) for a proposed investment of up to US$2 million into the Singapore-incorporated private limited company. It will result in ISR owning up to 20 per cent in SHR.
Under the non-binding MOU, ISR plans to provide a funding of up to US$2 million to SHR and, in turn, will get SHR shares that represent an equity stake of up to 20 per cent on an enlarged basis.
ISR said that SHR was set up to be a unique provider of high-reliability (hi-rel) engineering services and will be structured as a Singapore-based hi-rel technology centre focused on testing and back-end manufacturing for chips and modules for end applications in the automotive, energy (oil and gas) and industrial sectors.
As at the date of the announcement, SHR has yet to commence any operations with regard to the technology centre, said ISR.