SINGAPORE --- Singapore Technologies Engineering Ltd (ST Engineering) announced today that its land systems arm, Singapore Technologies Kinetics Ltd (ST Kinetics), has been awarded a contract by the Ministry of Defence (MINDEF) for the production and supply of the Next Generation Armoured Fighting Vehicle (AFV).
Under the contract, ST Kinetics will also provide integrated logistics support which includes spares, training and documentation.
The next generation AFV will replace the Ultra M113 AFV as a key component of the Singapore Armed Forces’ mechanised forces. Delivery of the AFVs will begin in 2019.
The AFV is an advanced platform which will provide our armoured troops with enhanced protection and firepower. It is also a demonstration of our continuous drive to meet the current and future operational requirements of the Singapore Army. ~ Ravinder Singh, President, ST Kinetics
As we are required to observe confidentiality under the MINDEF contract, we are unable to disclose any further details. This contract 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.
ST Kinetics is the land systems arm of ST Engineering, an integrated engineering group. Headquartered in Singapore, ST Kinetics employs a skilled workforce of some 5,000 people, 70% of whom are in engineering and technical roles, to support customers in over 40 countries. We are the world leader in niche products such as 40mm munitions. In FY2016, ST Kinetics recorded revenue of S$1.3b.