ST Engineering has set up ST Electronics (Satellite Systems), a joint venture company with Nanyang Technological University (NTU) and DSO National Laboratories (DSO).
The JV company will design, develop and produce advanced earth observation satellites. ST Engineering’s stake in the JV company is 51%, held through ST Electronics’ wholly-owned subsidiary, ST Electronics (Satcom & Sensor Systems) while DSO and NTU own 33% and 16% respectively. ST Electronics is the electronics arm of ST Engineering.
The set-up of the new subsidiary 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 views the earth observation satellite segment as a new and complementary addition to its existing satellite communications and sensor systems business.