Japan’s NEC Corp (6701.T) and Singapore Technologies Engineering’s (STEG.SI) electronics arm ST Electronics will set up a cloud computing joint venture to provide software to firms in Singapore and other Southeast Asian countries.
NEC will take a 60% stake in the joint venture, called NEC STEE Cloud Services, while ST Electronics will hold the remaining 40%, the Singapore firm said on Friday.
The new firm will be set up with an initial investment of $6 million.
The joint venture is the first initiative under a memorandum of understanding signed by NEC and ST Electronics to collaborate in information communication technology initiatives.
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