Latest News

March 2008

ST Electronics Divests Associated Company,
mPayment Pte Ltd

Singapore, 10 March 2008 — Singapore Technologies Electronics Limited (ST Electronics) today announced that its subsiary, ST Electronics (Info-Comm Systems) Pte. Ltd. (STEE-InfoComm), has sold its entire 31.77% equity stake in mPayment Pte Ltd (mPayment) to mPayment’s existing shareholder and Chief Executive Officer, Mr Goh Yong Seng, for a cash consideration of S$15,000.  The sale was made on a willing buyer, willing seller basis.  ST Electronics is the electronics arm of Singapore Technologies Electronics Limited.

The sale of shares in mPayment 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 S$199,000 in 2002 to acquire 31.77% equity stake in mPayment. The stake was subsequently transferred to STEE-InfoComm in 2003.  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, mPayment will cease to be an associated company of STEE-InfoComm.

mPayment is a specialist payment solutions provider, e-commerce enabler and e-marketing solutions company.  It holds 4 patent-pending technologies - mPurse™, mDebit™, mCredit™ and mP2P™. Multi-mode Payment Gateway (mPG) is a proven payment solution fully deployed on an extensive, secure and reliable multi-mode multi-bank multi-merchant payment infrastructure.

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.

Media contact:

Magdalen Loh
AVP / Head, Corporate Communications
Singapore Technologies Electronics Limited
Tel: (65) 6413 1788 / 9822 3321
Fax: (65) 6484 8840
Email: magloh@stee.stengg.com