Singtel unit increases stake in HOPE Technik

SINGTEL's wholly-owned subsidiary, Singtel Innov8 Pte Ltd, has invested some S$0.71 million in Singapore-based engineering company HOPE Technik, Singtel announced after the market closed on Tuesday.

This is comprised of 130,423 HOPE Technik shares, priced at S$5.43 apiece. Following the investment, Singtel Innov8's shareholding in HOPE Technik will increase from 18.7 to 21.3 per cent.

As at Jan 31, 2016, the unaudited net asset value per share of HOPE Technik was S$2.97, according to Singtel.

HOPE Technik provides complete engineering solutions for commercial and government customers.

Singtel Innov8 is the corporate venture capital fund of Singtel.