View - Singapore Technologies Engineering

TRANSFERS TO OR FROM RESERVES AND PROVISIONSExcept as shown in the financial statements, there wereno material transfers to or from reserves or provisionsduring the financial year.ISSUE OF SHARES AND DEBENTURESThe Company issued 17,004,832 ordinary shares of$0.10 each for cash at the respective price per shareupon exercise of the options granted by the Companyunder the Singapore Technologies EngineeringExecutives’ Share Option Scheme (“ST Engg ShareOption Scheme”):ACQUISITION AND DISPOSAL OF SUBSIDIARIES(a) During the financial year, the Group acquired thefollowing subsidiaries:INTEREST INTEREST AFTER NET TANGIBLEACQUIRED (%) ACQUISITION (%) CONSIDERATION ASSETSNAME OF COMPANY $’000 $’000Founders Industries Pte Ltd 100 100 268,000 244,117(formerly known as Chartered Industries ofSingapore (Pte) Limited) and its subsidiaries(“CIS Group”)DataMark Technologies Pte Ltd 34 51 410 410(b) During the financial year, the Group acquired anadditional equity interest in the following subsidiary:INTEREST INTEREST AFTER NET TANGIBLENAME OF COMPANY ACQUIRED (%) ACQUISITION (%) CONSIDERATION ASSETSShanghai Elite Electric Vehicles Co., Ltd 20 100 US$106,000 RMB928,308and RMB20,000(c) During the financial year, the following subsidiary wasdisposed of:GRANT NO. NO. OF ORDINARY SHARES ISSUED PRICE PER ORDINARY SHARE ($)9501 85,902 0.9059601 50,000 0.90594R3 713,166 0.87394R5 40,000 0.52295R1 880,658 0.90595R3 135,625 0.46795R4 228,096 0.40196R1 794,115 0.90596R2 450,568 0.38096R5 387,204 0.37396R6 20,549 0.46597R1 1,644,569 0.42297R2 537,402 0.62997R3 262,001 0.49297R4 57,268 0.64097R5 231,363 0.72098R1 8,553,900 1.39098R2 1,000,000 1.21098R3 902,206 1.29099R1 30,240 1.418NET TANGIBLENAME OF COMPANY INTEREST (%) CONSIDERATION ($) ASSETS ($)Transport Technologies International Ltd 55 – –Except as disclosed above, there were no otheracquisitions or disposals of subsidiaries during thefinancial year.102 • visiondirectors’ report • 103