HomeMMBIZ NewsST Engineering Sets Up Automotive Subsidiary in Myanmar

ST Engineering Sets Up Automotive Subsidiary in Myanmar

Singapore Technologies Engineering Ltd (ST Engineering) said last week its land systems arm, Singapore Technologies Kinetics Ltd (ST Kinetics), has set up a wholly owned subsidiary in Myanmar as part of the firm’s plan to grow its commercial business in the Southeast Asian country.
The new subsidiary, Kinetics Automotive & Specialty Equipment Co Ltd (KASE), will serve as a platform to introduce and support ST Kinetics’ automotive and specialty vehicles products and services in Myanmar’s burgeoning economy, the company said.
The subsidiary in Yangon was set up through ST Kinetics’ wholly owned subsidiaries, Autonomous Technology Pte Ltd (ATPL) and Singapore Commuter Pte Ltd (SCPL).
The paid up capital for the subsidiary was $423,000. ATPL holds 422,999 shares while SCPL holds 1 share in the capital of KASE.
ST Kinetics is the land systems and specialty vehicles arm of ST Engineering Ltd, and one of Asia’s leading land systems and specialty vehicles companies. With more than 7,000 employees worldwide and revenue of over S$1.53 billion in FY2012, ST Kinetics delivers products and solutions in more than 40 countries.
ST Engineering is an integrated engineering group providing solutions and services in the aerospace, electronics, land systems and marine sectors. Headquartered in Singapore, the group reported revenues of S$6.38 billion in FY2012 and ranks among the largest companies listed on the Singapore Exchange. ST Engineering has more than 22,000 employees worldwide, and over 100 subsidiaries and associated companies in 23 countries.

- Advertisment -spot_img

Must Read

KBZ allows cash withdrawal without limitation; but only for cash deposit

KBZ bank announced that its customers can now withdraw cash from their personal bank without any withdrawal amount limitation, but it only applies to...
spot_img