ST Aerospace Signs Joint Venture with Wings Capital Partners

Singapore, 6 November 2013 – ST Aerospace announced today that its wholly owned subsidiary, ST Aerospace Resources Pte. Ltd. (STA Resources) has signed a joint venture agreement with Wings Capital Partners Holdings Ltd, to set up WingStar Pte. Ltd. (WingStar).

Based in Singapore and equally owned (50:50) by the two shareholders, WingStar will build on opportunities created by global fleet expansion and renewal to acquire aircraft for lease, conversion or part out. Under the joint venture agreement, the shareholders plan to build up a portfolio of midlife and end-of-life aircraft assets which will initially include Airbus A320 and Boeing 737NG families of aircraft.

WingStar will leverage Wings Capital Partners’ extensive relationships and experience in deal sourcing, financing, leasing and marketing, alongside ST Aerospace’s comprehensive technical expertise in airframe, engine and component maintenance repair and overhaul, aircraft tear-down, parts trading, passenger-to-freighter conversion, as well as aircraft inspection and technical asset management, to bring value added services to the aircraft operators globally. WingStar is expected to commence operations by early 2014.

“This is an extraordinary opportunity to team up with ST Aerospace to create an enterprise with the technical and financial skills necessary to tap on opportunities in the used aircraft market.” ~ Stephen HANNAHS, Managing Director & CEO, Wings Capital Partners

“This joint venture extends ST Aerospace’s total aviation support offering, adding a new dimension to how we can support airline customers on mid to end-of-life aircraft. We look forward to working with Wings Capital Partners to build up aircraft solutions for the global market.”
~ CHANG Cheow Teck, President, ST Aerospace

STA Resources is a wholly owned subsidiary of ST Aerospace, a new vehicle set up to focus on asset management.

Wings Capital Partners is an affiliate of Wings Capital Partners Management LLC. The latter is an investment partnership between Stephen Hannahs, his management team, and Two Sigma Private Investments, that will make private equity investments, provide advisory services, and acquire mid to end-of-life aircraft. Stephen Hannahs co-founded the Aviation Capital Group in 1989, and served as its Chief Executive Officer as the company grew into a leading global aircraft lessor with a portfolio of more than 250 aircraft and over 90 airline customers in 45 countries. Two Sigma Private Investments is the private markets investment division of Two Sigma Investments, a leading technology company that applies a rigorous, scientific method-based approach to investment management. Two Sigma Private Investments seeks to partner with managers to build businesses with flexible, long-term capital.

The joint venture 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.

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