ST Engineering aerospace arm injects fresh capital in engine venture

SINGAPORE Technologies Engineering (ST Engineering) announced today (Oct 4) that its aerospace arm, Singapore Technologies Aerospace (ST Aerospace) has injected new capital into its 50 per cent-owned Total Engines Asset Management (Team).

Through subsidiary ST Aerospace Engines (STA Engines), it has agreed to inject its pro rata share of an additional US$2.81 million ($3.58 million) into the capital of Team.

The first phase of US$1.40 million is injected immediately and the second injection of US$1.41 million will be done on Oct 16.

STA Engines' total share capital contribution in Team totals US$11.02 million.

The move will support the expansion of the engine leasing business to include the International Aero Engines (IAE) V2500 engine into its portfolio.