Singapore Technologies Engineering Ltd (ST Engineering) today announced that its subsidiary, ST Engineering Mission Software & Services Pte. Ltd., and HTX (Home Team Science and Technology Agency) have incorporated a joint venture (JV) company in Singapore. The JV has an initial paid-up capital of $10 million, with ST Engineering Mission Software & Services Pte. Ltd. holding a 60% stake and HTX holding the remaining 40%.
The JV company, Codex Solutions Pte. Ltd., will focus on developing and maintaining in-house software capabilities for the Home Team. ST Engineering will contribute its expertise to develop tailored and integrated solutions, while HTX will bring its expertise in product innovation and management, and governance.
Ravinder Singh, ST Engineering’s President Defence & Public Security, said, “We have been building capabilities to support homeland security agencies over many years, and have developed deep expertise to support HTX in its mission to be a force multiplier for the Home Team. The formation of this JV builds on this foundation, leveraging our experience to deliver significant capabilities to HTX and the Home Team.”
Chan Tsan, HTX’s Chief Executive, said, “The move to set up this JV is just one of the many ways HTX is proactively creating new in-house capabilities that would allow us to better fulfil our mission of making Singapore the safest place on the planet. We are delighted to partner ST Engineering because they have a strong track record in this area and are a key industry player in the homeland security space.”
The setup of this JV 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.
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