| W3 Infocomm Group Pte Ltd ["W3"] today announced an investment by Singapore Technologies Pte Ltd ["STPL"] in the Company.
Mr Tay Siew Choon, STPL's Chief Operating Officer and Chief Operating officer of Sembawang Corporation Ltd, said "W3 is complementary to our needs. We see it as a search engine for early stage deals, seeking out good start-up investments that return many times its original investment value".
Mr Tay is also Chairman of listed Singapore Computer Systems Ltd, Singapore National Printers Ltd and a director of Capitaland Ltd, among other appointments.
Andy Quak, W3's Chief Executive Officer added, "STPL's brandname, network of large operating companies and investment network will benefit W3's start-up investees and significantly increase their profile and business channels".
With STPL's investment, Mr Tay will assume chairmanship of W3.
About Singapore Technologies Pte Ltd
Singapore Technologies Pte Ltd ["STPL"] is the holding company for some of the largest corporations in Singapore. STPL has its sights set on the world outside Singapore. The multinational conglomerate operates in five business areas: engineering; technology; infrastructure and logistics; property; and financial services. Singapore Technologies owns a minority stake in SembCorp Industries, a leading regional engineering and construction company that also has logistics operations. Its telecommunications arm, ST Telemedia, is the shareholder of Singapore cable Vision Ltd and Starhub Ltd. The government of Singapore, through its Temasek Holdings unit, controls STPL.
About W3 Infocomm Group Pte Ltd
W3 Infocomm Group is an investment holding company with sterling track records in investing and raising subsequent round funding for start-ups and early stage companies. With some of its portfolio companies now actively in the process of M&A and IPO, W3's investment focus has shifted from what was primarily early stage investment in infocomm and media companies to quality investments in late stage, pre-IPO and pre-trade sales companies. Shareholders of W3 and its investee companies include Temasek Holdings (Pte) Ltd [via its 100% held Greendot Capital Pte Ltd], SingTel Group, Singapore Technologies Electronics Ltd, Gemplus-EDB Smart Labs Pte Ltd and PrimePartners Group, a US$300 million venture capital fund.
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