ST Engg to raise debt for US$630m MRAS takeover

Singapore

SINGAPORE Technologies Engineering (ST Engg) intends to tap the debt market for the US$630 million takeover of General Electric's MRA Systems LLC (MRAS), its executives said on announcing an increase in third-quarter profit for the conglomerate this year.

Chief financial officer Cedric Foo added that this acquisition will be financed "purely by debt" and the funding will be raised out of the United States by VT Systems, the US headquarters of ST Engg.