ST Engineering’s Electronics Arm Files to Strike-Off United Kingdom Subsidiary Parallel Limited
Singapore, 28 April 2016 — Singapore Technologies Engineering Ltd (ST Engineering) today announced that Parallel Limited (Parallel), a subsidiary of VT iDirect, Inc. (VT iDirect), has filed an application for strike-off with Companies House in the United Kingdom.
The strike-off of Parallel is part of VT iDirect’s ongoing review of its business operations and corporate structure worldwide. Parallel was acquired in December 2009 as part of VT iDirect’s expansion of their development capabilities globally. It ceased operations in September 2014. The development activities within the United Kingdom have since been undertaken by iDirect UK Limited, another subsidiary of VT iDirect. VT iDirect is wholly owned by Vision Technologies Systems, Inc., the US headquarters of ST Engineering.
The strike-off 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 (Singapore Technologies Engineering Ltd) is an integrated engineering group providing solutions and services in the aerospace, electronics, land systems and marine sectors. Headquartered in Singapore, the Group reported revenue of S$6.54b in FY2014 and ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, FTSE ASEAN 40 Index, MSCI Singapore and other indices. ST Engineering has about 23,000 employees worldwide, and over 100 subsidiaries and associated companies in 46 cities across 24 countries. Please visit www.stengg.com for more information.
SVP, Corporate Communications
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