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Singapore Technologies Engineering injects S$47m into VC fund
SINGAPORE Technologies Engineering (ST Engineering) announced on Monday that as part of its US$150 million corporate venture fund, it has injected about S$47 million equivalent of capital into a newly-formed vehicle.
ST Engineering said that it has renamed one of its units - iTS Technologies Pte Ltd - into ST Engineering Ventures Fund (STEVF), to serve as a vehicle for the group's corporate venture activities.
The influx of cash has brought STEVF's total capital to some S$54 million, which was created to invest in promising technology start-ups.
The group said that the exercise was not expected to have any material impact on consolidated net tangible assets per share and earnings per share for the current financial year.
In a separate press statement earlier on Monday, ST Engineering announced the appointment of Russell Tham as president of new enterprises and ventures, effective from March 19, 2018.
In this new position, ST Engineering said, Mr Tham will drive the expansion of the group's business by building new growth areas through technology and innovation in verticals outside the group's core businesses in the aerospace, electronics, land systems and marine sectors.
ST Engineering ended trading on Monday at S$3.44, up five Singapore cents or 1.48 per cent.