Singapore Technologies Engineering Ltd (ST Engineering) today announced that it has set up a wholly owned subsidiary, ST Engineering (Israel) Smart Cities Ltd, in Israel with an initial equity injection of NIS 900,000 (approximately S$360,000).
The subsidiary will be engaging in the growing smart city business in Israel, including autonomous vehicle and robotics.
The setting up of the 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.