STE

STE: The land systems arm of Singapore Technologies Engineering (STE), ST Kinetics, has set up a wholly-owned subsidiary, Kinetics Automotive & Specialty Equipment Co., Ltd (KASE), in Yangon, Myanmar, with a paid up capital of US$423,000 ($524,000). KASE will serve as a platform to introduce and support ST Kinetics’ automotive and specialty vehicles products and services in Myanmar. The setting up of KASE is not expected to have any material impact on EPS of STE for the current financial year. Separately, ST Electronics has sold its entire 21.1% stake in Trust Hub (THub) to THub’s existing shareholder and President, Mr Wong Yaw Ming, for a cash consideration of $1.2m. The divestment is part of an ongoing review by ST Electronics to streamline its capabilities and divest minority investments that are no longer strategic to its business OCBC maintains Hold with $4.32 TP.