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Jack Richardson

ST Engineering yesterday announced that its land systems arm has signed an agreement with IAI to set up a joint venture company in Singapore, with each firm holding a 50% share of the new venture, which will be named Proteus Advanced Systems Pte Ltd. Defence Update reported that the move by two government owned companies marked a strategic change from previous government-to-government agreements. The company will leverage the strengths and track record of its parent firms to market and sell advanced naval missile systems, including a next generation anti-ship missile system. This 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.