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Singapore, 16 February 2016 – Singapore Technologies Engineering Ltd (ST Engineering) today announced that ST Aerospace Resources Pte. Ltd. has signed an agreement to divest 50% of its equity stake in Keystone Holdings (Global) Pte. Ltd. to  SJ Aviation Capital Pte. Ltd., a Singapore based subsidiary of Sojitz Corporation, for a consideration estimated to be US$10.7m (approximately $15.3m) (Proposed Transaction).  The consideration, which will be finalised at completion, was arrived at, taking into account Keystone Holdings’ current performance and net asset value.  Upon completion, ST Aerospace Resources and SJ Aviation Capital will each own a 50% shareholding in Keystone Holdings.

The completion of the agreement will be subject to the customary closing conditions that will lead to the execution of a joint venture agreement.  Upon completion of the Proposed Transaction, the shareholders plan to continue to build up a portfolio of mid-life and end-of-life single-aisle aircraft assets, tapping on opportunities created by global aircraft fleet expansion and renewal. 

Keystone Holdings is the holding company for aircraft leasing investments.  It currently holds subsidiaries in various geographies to support its portfolio purchase of aircraft which  are currently on lease to global airlines. 

Based in Japan, Sojitz Group consists of approximately 410 subsidiaries and affiliates globally.  As a general trading company, it engages in a wide range of businesses, including import, export, manufacturing and sale of various products.  Sojitz also invests in various sectors and conducts financing activities.  Sojitz operates in a broad range of sectors covering automobiles, plants, energy, mineral resources, chemicals, foodstuff resources, agricultural and forestry resources, consumer goods, and industrial parks.

The Proposed Transaction 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 $2.07b in FY2014.  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 8,000 employees worldwide.  Please visit
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 $6.54b in FY2014 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 for more information
Media Contacts:
Lina Poa 
SVP, Corporate Communications
ST Engineering
Tel: (65) 6722 1883
Mobile: (65) 9696 5453
Belinda Ng
VP, Corporate Communications
ST Aerospace
Tel: (65) 6380 6176
Mobile: (65) 9683 6361