Proteus Advanced Systems Pte Ltd will have Singapore HQ
Singapore Technologies Engineering (ST Engineering) and Israel Aerospace Industries (IAI) announced on 16 July they have agreed to establish a 50/50 joint venture, to be named Proteus Advanced Systems Pte Ltd, to address opportunities arising in the naval missile systems market.
The new company, to be based in Singapore, will leverage the strengths and track record of its parent companies to market and sell advanced naval missile systems, including a next-generation anti-ship missile.
IAI’s experience in missile systems in general is considerable, the company having been a prime mover in the development of the BARAK series of guided weapons, culminating in the Indo-Israeli BARAK 8.
The establishment of this JV 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.