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ST Engineering’s Electronics Arm Completes Acquisition of SP Telecommunications Pte Ltd

Singapore, 2 May 2017 — Singapore Technologies Engineering Ltd (ST Engineering) today announced that further to its announcement dated 18 January 2017, its electronics arm Singapore Technologies Electronics Limited (ST Electronics) has completed the acquisition of a 51% equity interest in SP Telecommunications Pte Ltd (SPTel) for a purchase consideration of S$55m, following the receipt of regulatory approvals. Singapore Power Limited (SP) holds the remaining 49% equity interest in SPTel, which will be managed as a joint venture.

With the completion of the acquisition, ST Electronics, SP and SPTel have entered into a shareholders’ agreement to regulate the respective rights and responsibilities of ST Electronics and SP as shareholders of SPTel.

SPTel owns, builds and operates communication and infrastructure services in Singapore. It owns an extensive network of fibre optic back-haul infrastructure and facilities. The combination of the Info-Communications Technology (ICT) expertise of ST Electronics and the assets of SPTel will enhance ST Electronics’ capabilities in providing ICT solutions for government and enterprise customers. This is in line with ST Electronics' strategy to build a more comprehensive suite of ICT offerings and strengthen its position in the Smart City market.

The acquisition 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.

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ST Electronics (Singapore Technologies Electronics Limited) is the electronics arm of Singapore Technologies Engineering Ltd, one of the largest public-listed companies on the Singapore Stock Exchange. ST Electronics is a global engineering company specialising in the design, development and integration of advanced electronics and communications systems. Our capabilities are in Rail & Intelligent Transportation; Satellite & Broadband Communications; Info Comm Technologies; Command & Control operations, Training & Simulation; Intelligent Building & Security Systems and Cybersecurity. We have a presence in over 20 countries spanning North America, Latin America, Europe, Africa, the Middle East, China, India and Southeast Asia. For more information, please visit www.stee.stengg.com.

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.

Media contacts:

Lina Poa
SVP, Corporate Communications
ST Engineering
Tel: (65) 6722 1883
Email: linapoa@stengg.com

Agnes Chang
Assistant Vice President, Corporate Communications
ST Electronics
Tel: (65) 6413 1788
Email: chang.chehhong.agnes@stee.stengg.com


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