Singapore Technologies Engineering Ltd (ST Engineering) announced that further to its announcement on 27 March 2019, its subsidiary Singapore Technologies Engineering (Europe) Ltd has completed the acquisition of a 100% ownership in Newtec Group NV (Newtec) following the fulfilment of completion conditions, including the receipt of applicable regulatory approvals. To drive higher brand visibility, Newtec will be renamed as ST Engineering iDirect (Europe) NV.
The Newtec acquisition, together with the recent acquisition of Glowlink Communications Technology, Inc, which possesses advanced satellite communications anti-jamming technology, will enable ST Engineering to harness its capabilities to create a global satcom business group. ST Engineering is now in a stronger position to lead in innovation and the transformation of the satcom industry to enable Smart Cities globally.
The acquisition is not expected to have any material impact on the earnings per share of ST Engineering for the current financial year.