ST Electronics & Albacomp Hungary ink deal

Singapore Technologies Engineering Ltd (ST Engineering) today announced that its electronics arm, Singapore Technologies Electronics Limited (ST Electronics) and Albacomp Computers Company (Albacomp) have signed a Memorandum of Understanding to jointly pursue and implement ICT (Information Communication Technologies) -based infrastructure projects for the public and private sectors in Hungary. Albacomp is amongst the five largest IT companies in Hungary and is based in Székesfehérvár, 60km from Budapest. Witnessed by Singapore's Prime Minister, Mr Lee Hsien Loong and Hungary's Minister of Economy & Transport, Mr Janos Koka, the MOU was signed in Budapest during the Singapore-Hungary Business Forum, organised as part of PM Lee Hsien Loong's official visit to Hungary. ST Electronics is the electronics arm of Singapore Technologies Engineering Ltd (ST Engineering). As a start, both companies have identified and agreed to pursue two public projects in Hungary, in mass transit applications and in e-Government solutions. The companies expect potential market opportunities worth more than US$100m in the near term.