ST Engineering incorporated a new company, Keystone 6, in Ireland as a wholly owned subsidiary of Keystone Holdings (Global) in a move to expand its aircraft leasing business, it said in a filing to SGX on Friday after the market close.
Keystone Holdings, a 50-50 joint venture between ST Aerospace Resources and Singapore-based SJ Aviation Capital, is a holding company for aircraft leasing investments, the statement said, noting it has subsidiaries in several locations with a portfolio of aircraft currently being leased to global airlines.
ST Engineering will use Keystone 6 to acquire more mid-life narrow body aircraft currently on lease to airlines, it said.
In early September, ST Engineering said it incorporated Keystone 5 in Singapore and in 2017, it incorporated Keystone 4 in Ireland, both for the same purpose of acquiring mid-life narrow body aircraft currently leased to airlines.
In 2015, it said it incorporated Keystone 1 and Keystone 2 in the U.K. and Keystone 3 in Ireland, without stating their purpose.
All six subsidiaries were incorporated with a paid up capital of US$1.00 each, it has said.
SJ Aviation Capital is a subsidiary of Sojitz Corp. of Japan. In 2016, ST Aerospace sold the 50 percent stake to SJ Aviation Capital for around US$10.7 million, the company had said.