Two subsidiaries of Singapore Technologies Engineering (ST Engineering) have established a SGD5 billion (USD3.5 billion) medium-term note programme to support group growth and "enhance shareholder value", the company has said.
According to a press release issued by ST Engineering on 18 March, the programme enables the two wholly owned group subsidiaries, ST Engineering RHQ and ST Engineering Treasury, to raise funding through the issuance of multicurrency notes "from time to time".
ST Engineering Treasury was set up in January 2018 to provide treasury services, including centralised liquidity and financial risks hedging management, to companies within the ST Engineering group.
ST Engineering said the proceeds of the note issues will fund new capital expenditures, acquisitions, general corporate purposes, and/or refinancing existing borrowings.
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