ST Engineering’s Electronics arm increases stake in DataMark Technologies Pte Ltd 17 December 2009
Singaproe, 17 December 2009 – Singapore Technologies Engineering Ltd (ST Engineering) today announced that ST Electronics (Info-Security) Pte. Ltd. (STEE-InfoSec) has acquired the remaining 38.88% equity stake in DataMark Technologies Pte Ltd (DataMark) from four of the existing shareholders for a total cash consideration of S$148,000. The purchase consideration was arrived at on a willing buyer willing seller basis, based on DataMark’s net tangible assets as of 31 August 2009 and taking into consideration DataMark’s past performance, current assets and future prospects. Consequent to the purchase, DataMark becomes a wholly-owned subsidiary of STEE-InfoSec. STEE-InfoSec is a wholly-owned subsidiary of ST Electronics (Info-Comm Systems) Pte. Ltd. which is in turn a wholly-owned subsidiary of ST Engineering’s electronics arm, Singapore Technologies Electronics Limited.
The additional investment in DataMark 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.
STEE-InfoSec first invested in DataMark in 2000. DataMark provides digital watermarking technologies and solutions for the authenticity of digital information. The investment will offer better synergy for the delivery of a comprehensive suite of info-security products to the market.