SINGAPORE (July 15): Singapore Technologies Engineering (ST Engineering) and Israel Aerospace Industries (IAI) have entered into an agreement to set up a joint venture company (JV) in Singapore.

The agreement, which was signed by ST Engineering’s land systems arm on Wednesday, will see the company and IAI each having a 50% share in the JV company.

The JV, named Proteus Advanced Systems, will market and sell advanced naval missile systems, including a next generation anti-ship missile system.

ST Engineering says the setup of this JV is not expected to have any material impact on the consolidated net tangible assets (NTA) per share and earnings per share (EPS) of the company for the current financial year.

Shares in ST Engineering closed 5 cents higher, or 1.5% up, at $3.29.