📋 Tender Overview
Singapore Technologies Engineering Ltd ST Engineering announced that ZHR Marine Limited ZHR a joint venture company of its U.S. subsidiary VT Halter Marine Inc has commenced its liquidation process under the laws and regulations of the Kingdom of Saudi Arabia. ZHR has an issued and paid up capital of Saudi Riyal SR3m about S1.1m with VT Halter Marine Inc. holding 33.3 of the company. ZHR was set up in 2014 with two other partners to pursue naval modernisation programmes in the Middle East and has no outstanding active programmes. The shareholders have therefore agreed to dissolve the joint venture company.This exercise 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.
