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ST Engineering sets up electronics unit in Chongqing
THE electronics arm of Singapore Technologies Engineering (ST Engineering) has set up a subsidiary in Chongqing to better support the company's projects in China, it said on Wednesday evening.
The paid-up capital for the subsidiary - ST Electronics (Chongqing) - will be 50 million yuan (S$10.4 million).
Specifically, the move to set up the Chongqing subsidiary would provide better local support for its metro rail, intelligent transportation and intelligent building management projects in Chongqing, and other parts of China, the company said.
The setup is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year.
ST Engineering shares ended S$0.06 or 1.7 per cent higher at S$3.66 on Wednesday.