16 July 2020 – Singapore Technologies Engineering Ltd (ST Engineering) announced that its land systems arm has signed an agreement with Israel Aerospace Industries Ltd (IAI) to set up a joint venture company (JV) in Singapore. ST Engineering and IAI shall each hold a 50 per cent share of the JV.
The JV, named Proteus Advanced Systems Pte Ltd, will leverage the strengths and track record of its parent companies to market and sell advanced naval missile systems, including a next generation anti-ship missile system.
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.
