Singapore Engineering Joint Tender

SINGAPORE Technologies Engineerings ST Engineering electronics arm has signed an agreement with DSO National Laboratories DSO to set up a joint venture JV company. This is DSOs third joint venture with ST Engineering to date and will see ST Engineering making a planned investment of US3 million for a 51 per cent stake in the JV company with the remaining 49 per cent to be held by DSO.The company named ST Engineering Geo-Insights looks to offer analytics information products and value-added services based on satellite imagery to address growing global demand for timely insights that enable better and faster business decisions. It also aims to tap emerging new space technologies to pursue potential business opportunities for low cost small satellites or smallsat constellation design development manufacturing and operation.In a statement ST Engineering disclosed that the setup of this company 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.Ravinder Singh president electronics ST Engineering said Leveraging the complementary strengths of both organisations we will offer advanced geospatial analytics to the global market and exploit the vast possibilities in smallsat constellation for commercial applications. This joint venture will enhance the space eco-system in Singapore as we work with industry partners to commercialise geospatial services and new space technologies.Cheong Chee Hoo CEO DSO National Laboratories said We share a common vision to support the growth of Singapores space industry. DSO is happy to be able to contribute our research and systems engineering competencies as well as geospatial analytic capabilities to the success of this vision.Shares for ST Engineering last closed at S3.78 per piece at 10.34am on Thursday.