ST Engineering gets new substantial shareholder in US-based investment manager

THE US-based investment management holding company, The Capital Group Companies (CGC), is now deemed a substantial shareholder of ST Engineering, after its purchase of 1.38 million shares via a market transaction on Nov 20 bumped its shareholding from 4.96 per cent to 5.01 per cent.

CGC is the parent company of Capital Research and Management Company (CRMC) and Capital Bank & Trust Company (CB&T).

CRMC is an investment manager to the American Funds family of mutual funds, other pooled investment vehicles, as well as individual and institutional clients.

CB&T is a US-based investment management firm that is a registered investment adviser and an affiliated federally chartered bank.

Shares in ST Engineering closed at S$4.04 on Tuesday, up S$0.07 or 1.76 per cent.