ST Kinetics wins $68m MINDEF contract for Spider LSV

ST Engineering today announced that its land systems arm, ST Kinetics, has won a contract worth S$68m from the Singapore Ministry of Defence (MINDEF) through an international tender, to supply its new generation Spider Light Strike Vehicles (Spider LSV) and spares. Delivery is expected to take place over 2013-14.

Designed with a unique center drive configuration allowing for weapon systems to be mounted on both sides of the driver, the Spider LSV incorporates a state-of-the-art electronic controlled engine, a 4-speed automatic transmission and an enhanced suspension system capable of high cross-country manoeuverability. The Spider LSV has an increased seating capacity for a crew of six and is heli-portable.

"We are extremely pleased that MINDEF has selected the Spider LSV. This is an excellent testimony to ST Kinetics' continued focus to innovate through smart engineering, effective solutions to meet our customers' evolving operational needs." ~ SEW Chee Jhuen, President, ST Kinetics

This contract 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.

Source: ST Engineering