ST Engineering injects capital into aircraft leasing business

A Singapore 10-dollar note Photo by Leslie Shaffer

ST Engineering said on Tuesday that its 50 percent-owned joint venture, Keystones Holdings (Global), injected US$8.54 million, or around S$11.8 million, into Keystone 5.

“This fund injection will support the expansion of its aircraft leasing business through the purchase of an Airbus A320 aircraft currently on lease to a European airline,” it said in the filing.

Keystone 5 was incorporated in Singapore in September with a paid up capital of US$1.00, ST Engineering has said previously.

Earlier this month, ST Engineering said it incorporated Keystone 6, in Ireland, as a wholly owned subsidiary of Keystone Holdings (Global), in a move to expand its aircraft leasing business.

In 2017, it incorporated Keystone 4 in Ireland, to acquire 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.

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. 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.

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