Singapore Technologies Engineering Announces Completion Of Azure Share Swap Transaction

Business Wire, Feb 1, 2005

TORONTO -- Singapore Technologies Engineering (SGX:ST Engg) (ST Engineering) announced today, as a follow up to an earlier announcement on December 20, 2004, that its land systems arm, Singapore Technologies Kinetics (ST Kinetics), has successfully completed the divestment of its 50.8% stake in Solectria Corporation (Solectria) in a share exchange for 11% of the common shares of Azure Dynamics Corporation (Azure). The completion follows the receipt of regulatory approvals and fulfillment of other closing conditions.

Based on Azure's closing share price as at January 31, 2005 of CAN$0.94 (S$1.24), ST Kinetics' stake in Azure is worth S$17.55m. This transaction 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.