Singapore, 4 October 2013 – ST Aerospace today announced that its wholly owned subsidiary ST Aerospace Engines Pte Ltd (STA Engines), has agreed to inject its pro rata share of an additional US$2.81m (S$3.58m) into the capital of its 50%-jointly controlled company, Total Engines Asset Management Pte Ltd (TEAM).
This capitalisation exercise is performed in two stages with the first phase amounting to US$1.40m (S$1.78m) injected immediately and the second injection of US$1.41m (S$1.80m) on 16 October 2013. This exercise will bring STA Engines’ total share capital contribution in TEAM to US$11.02m (S$14.05m). The additional funding will support the expansion of the engine leasing business to include the International Aero Engines (IAE) V2500 engine into its portfolio.
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. A new addition, the IAE V2500 is a 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.
ST Aerospace (Singapore Technologies Aerospace Ltd) is the aerospace arm of ST Engineering with a turnover of $2b in FY2012. Operating a global MRO network with facilities and affiliates in the Americas, Asia Pacific and Europe, it is the world’s largest commercial airframe MRO provider with a global customer base that includes leading airlines, airfreight and military operators. ST Aerospace is an integrated service provider that offers a spectrum of maintenance and engineering services that include airframe, engine and component maintenance, repair and overhaul; engineering design and technical services; and aviation materials and asset management services, including Total Aviation Support. ST Aerospace has a global staff strength of around 9,000 employees worldwide. Please visit www.staero.aero.