ST Engineering and HTX form JV company with initial capital of S$10 million

[SINGAPORE] ST Engineering’s subsidiary – ST Engineering Mission Software & Services – and the Home Team Science and Technology Agency (HTX) have incorporated a joint venture company Codex Solutions in Singapore, with an initial paid-up capital of S$10 million.

Codex Solutions will focus on developing and maintaining in-house software capabilities for the Home Team, said ST Engineering on Wednesday (Mar 26).

The defence and engineering group will contribute its expertise to develop tailored and integrated solutions, while HTX will bring its expertise in product innovation and management, as well as governance.

ST Engineering’s subsidiary will hold a 60 per cent stake in the joint venture (JV) company, with the remaining 40 per cent held by HTX.

Ravinder Singh, ST Engineering’s president for defence and public security noted that the group has been building capabilities to support homeland security agencies over many years.

He said: “The formation of this JV builds on this foundation, leveraging our experience to deliver significant capabilities to HTX and the Home Team.”

HTX’s chief executive Chan Tsan added that the formation of Codex Solutions is just one of the many ways that HTX is proactively creating new in-house capabilities.

He pointed out that ST Engineering has a strong record in this field and is also a key industry player in the homeland security space.

The formation of Codex Solutions 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.

Shares of ST Engineering were up 2.9 per cent or S$0.19 at S$6.75 before the midday trading break on Wednesday.