ST Engrg: To form a 51% owned JV co called Fortis Marine Solutions with Kockums. Co’s share of investment is approx $510k. This JV is formed with the objective of refitting and providing life cycle support services of Sg's submarines. Both cos have a longstanding partnership in managing contracts for Sg Navy submarines which were constructed and delivered by Kockums.
ST Engrg is trading at fwd P/E of 17.5x with 12-mth yield of 4.6%.
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