STEng – BT
ST Engg wins 59m yuan MRT systems contract in China
ST Electronics has won a 58.8 million yuan (S$12.2 million) contract to provide electronic systems to Changchun Rolling Stock Company.
The electronics arm of listed ST Engineering said the passenger information systems (PIS) and security monitoring systems are for Changchun Rolling Stock’s project in the Saudi Mashaaer Mass Rapid Transit Line in Saudi Arabia, and there is also a PIS for an MRT line in China.
The contract starts immediately and work will be completed by the second half of 2010, ST Engg said. It is not expected to have any material impact on net tangible assets per share and earnings per share for the current financial year.
ST Engg said the new contract brings the total value of PIS projects in China to over 100 million yuan. The company has been awarded more than 10 rail projects in China to date.
The PIS system will be installed in 17 trains with each train comprising 12 cars. To enhance subway service levels, the system provides information to passengers including real-time train location and schedules, announcements of important messages and other multimedia information. Under the contract, ST Electronics will provide system design, supply equipment and software, install, test and commission the systems.
‘This latest contract further strengthens our track record in China for MRT systems,’ said Lee Fook Sun, president of ST Electronics.
ST Engg closed at $2.72 yesterday, up 3 cents.