[Via Satellite 07-30-2015] VT iDirect, an indirect wholly owned subsidiary of Singapore Technologies Engineering (ST Engineering), has formed a wholly owned subsidiary, VT iDirect Solutions in Ireland. The new subsidiary is set up as a Research and Development (R&D) center, with a focus on building competencies in satellite cellular backhaul technology. VT iDirect expects this will complement its satellite-based IP communications technology, to help address a global growing need for mobile services.
VT iDirect Solutions is set up as a Private Limited Liability Company (PLLC). Its formation 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.