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ST Engg injects US$66m into US subsidiary VT Systems

SINGAPORE Technologies Engineering (ST Engg) on Thursday announced it has injected US$66 million into the capital of its US headquarters, Vision Technologies Systems, Inc (VT Systems), for the repayment of bank loans.

This brings ST Engg's total investment in VT Systems to US$343.96 million.

Following the capital injection, VT Systems has capitalised its outstanding loan balance of US$35.28 million and US$33.08 million in its subsidiaries, Vision Technologies Kinetics, Inc and Vision Technologies Land Systems, Inc respectively.

Vision Technologies Land Systems has, in turn, capitalised its outstanding loan balance of US$33.08 million in its subsidiary, VT Hackney, Inc.

ST Engg, in a statement, said the capital injection is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of company for the current financial year.