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Archive News in Year 2008May 2008ST Electronics Divests Its Stake In ST Logitrack Pte Ltd Singapore, 23 May 2008 — Singapore Technologies Electronics Limited (ST Electronics) announced today that it has entered into an agreement to sell its entire 39.06% equity stake in ST LogiTrack Pte Ltd (ST LogiTrack) to ST LogiTrack’s management for a nominal sum of S$1.00. ST LogiTrack ended FY2007 with a revenue of about S$2m, a net loss of S$0.416m and a negative NTA position. The sale was made on a willing buyer, willing seller basis. The sale of shares in ST LogiTrack 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 Electronics invested in ST LogiTrack as a joint venture with the then SembCorp Logistics (now Toll Asia) for S$250,000 in 1998. The decision for the sale is a result of an on-going rationalisation exercise to streamline ST Electronics' portfolio of associated companies, and to re-allocate management attention and resources to new growth initiatives. Consequent to the sale, ST LogiTrack will cease to be an associated company of ST Electronics. ST Electronics, the electronics arm of ST Engineering, delivers innovative system solutions to government, commercial, defence, and industrial customers worldwide. It specialises in the design, development and integration of advanced electronics systems, such as broadband radio frequency and satellite communication, e-government solutions, information communications technologies, rail and traffic management, realtime command & control, training and simulation, intelligent building management, information security solutions and managed services. Please visit www.stee.stengg.com. ST Engineering is an integrated engineering group providing solutions and services in the aerospace, electronics, land systems and marine sectors. Headquartered in Singapore, the Group reported revenues of $5.05b in FY2007. With a market capitalisation of about $10b, it ranks among the largest companies listed on the Singapore Exchange. ST Engineering has more than 18,000 employees worldwide, and over 100 subsidiaries in 21 countries and 35 cities. Please visit www.stengg.com. Media contact:Magdalen Loh
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