ST Electronics ups stake in Telematics to 100%

This 0.57 percentage point increase follows a shares transfer of 17, 893 by Mizrahi to Telematics.

In a release by Singapore Technologies Engineering Ltd, ST Electronics Pte. Ltd.’s equity stake in Telematics Wireless Ltd (Telematics) has increased from 99.43% to 100% following a transfer of 17,893 shares (Shares) by Mizrahi Tefahot Trust Company Ltd (Mizrahi) to Telematics.

Here's more from ST Engg:

No consideration was paid for the transfer of the Shares. The Shares were issued by Telematics in 1998 and held in trust by Mizrahi for employee shareholders subject to the fulfillment of certain pre-conditions by a prescribed date.

As the said preconditions were not fulfilled by the prescribed date, the Shares have accordingly been transferred to Telematics. The transfer of Shares to Telematics 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.