ST Aerospace pours $622k into Total Engine Asset Management JV

Its investment now totals to more than $14m.

Singapore Technologies Engineering’s aerospace arm, ST Aerospace, has injected its pro rata share of an additional US$500,000 (S$622,400) into the capital of its 50%-jointly controlled company, Total Engine Asset Management Pte. Ltd. (TEAM).

This was done through its wholly owned subsidiary ST Aerospace Engines. The move will bring STA Engines’ total share capital contribution in TEAM to US$11.52m (S$14.39m). The additional funding will support the expansion of the engine leasing business.

TEAM is a joint venture between ST Aerospace and Marubeni Corporation. Established in 2011 in Singapore, TEAM provides engine leasing services for CFM56-3, CFM56-5B, CFM56-7B engines that power narrow-body aircraft such as the Airbus A320 and Boeing 737, as well as the IAE V2500 turbofan engine which powers the Airbus A320 family (A320, A321, A319 and the Airbus Corporate Jet).

The capital injection is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year.

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