Singapore, 15 July 2020 – Singapore Technologies Engineering Ltd (ST Engineering) today announced that its land systems arm has signed an agreement with Israel Aerospace Industries Ltd (IAI) to set up a joint venture company (JV) in Singapore, with ST Engineering and IAI each having a 50% share.
The JV, named Proteus Advanced Systems Pte. Ltd., will leverage the
strengths and track record of its parent companies to market and sell advanced
naval missile systems, including a next generation anti-ship missile system.
The setup of this JV 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.