SINGAPORE (Feb 21): ST Electronics has set up a subsidiary, ST Electronics (Saudi Arabia) (STSA), in Riyadh, Saudi Arabia – with a paid up capital of 8.4 million Saudi Riyals ($3.2 million).
ST Electronics is the electronics arm of ST Engineering.
In a Tuesday filing, the group states that STSA will offer ST Electronics’ engineering services for mass rapid transit projects, intelligent transportation as well as advanced electronics solutions in Saudi Arabia.
ST Electronics will own 95% of the entity, while its subsidiary, ST Electronics (Info-Comm Systems), will own the remaining 5%.
The group says it does not expect the setup to have any material impact on its earnings for the current financial year.
Shares of ST Engineering closed 1.4% higher at $3.67.
