ST Aerospace injects S$2.1m in Total Engine Asset Management

Overall contribution is now S$4.18m.

According to a release, Singapore Technologies Engineering Ltd announced that its aerospace arm, Singapore Technologies Aerospace Ltd, through its wholly owned subsidiary ST Aerospace Engines Pte Ltd has injected an additional US$1.725m (approximately S$2.1m) into the capital of 50%-owned associated company, Total Engine Asset Management Pte Ltd.

This brings STA Engines’ total share capital contribution in TEAM to US$3.425m (approximately S$4.18m).

A joint venture between ST Aerospace and Marubeni Corporation, TEAM was set up in June 2011 to provide engine leasing services for CFM56-3, CFM56-5B and CFM56-7B engines that power narrow-body aircraft such as the Airbus A320 and Boeing 737.

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.