ST Engineering’s Land Systems arm injects capital into Technicae
Singapore Technologies Engineering has injected BRL9.7m (about S$4.3m) into Technicae Projetos e Serviços Automotivos Ltda. (Technicae) as working capital through its Land Systems arm subsidiary, Mobility Systems Pte Ltd (MSPL). This brings MSPL’s total investment in Technicae to BRL23.0m (about S$11.3m). Technicae, based in Brazil, provides automotive maintenance, repair and overhaul services including automotive platforms revitalisation and modernisation projects for its predominantly military customers. In recent years, it has secured several notable contracts including Cascavel armoured vehicle revitalisation services and the Urutu 6x6 Armoured Personnel Carriers upgrades programme for the Brazilian Army. The exercise 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.