Singapore, 9 May 2016 – Singapore Technologies Engineering Ltd (ST Engineering) today announced that its aerospace arm Singapore Technologies Aerospace Ltd (ST Aerospace) has injected its pro rata share of US$24.5m (approximately $33.1m), as additional capital into its Guangzhou-based airframe maintenance, repair and overhaul joint venture company, ST Aerospace (Guangzhou) Aviation Services Company Limited. This additional funding will support the joint venture’s expansion and business growth.
Upon injection of the funds, ST Aerospace’s total share capital in ST Aerospace (Guangzhou) Aviation Services stands at US$44.1m (approximately S$59.6m).
Operating out of the Guangzhou Baiyun International Airport since March 2014, ST Aerospace (Guangzhou) Aviation Services is a 49:51 joint venture between ST Aerospace and Guangdong Airport Authority, focusing on commercial airframe maintenance and modification services for a wide range of Airbus and Boeing aircraft.
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 revenue of $2.09b in FY2015. Operating a global MRO network with facilities and affiliates in theAmericas, Asia Pacific andEurope, 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 8,000 employees worldwide. Please visit www.staero.aero.
ST Engineering (Singapore Technologies Engineering Ltd) is an integrated engineering group providing solutions and services in the aerospace, electronics, land systems and marine sectors. Headquartered in Singapore, the Group reported revenue of $6.34b in FY2015 and ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index and MSCI Singapore. ST Engineering has about 23,000 employees worldwide, and over 100 subsidiaries and associated companies in 46 cities across 24 countries. Please visit www.stengg.com for more information.
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