Singapore, 8 September 2014 Singapore Technologies Engineering Ltd (ST Engineering) today announced that its aerospace arm Singapore Technologies Aerospace Ltd (ST Aerospace), through its wholly owned subsidiary ST Aerospace Engines Pte Ltd (STA Engines) will be injecting its pro rata share of US$20.8m (approximately $25.98m), as additional capital into its Xiamen-based engine MRO joint venture company, ST Aerospace Technologies (Xiamen) Company Limited (STATCO). The planned additional capital injection is subject to regulatory approvals by the Chinese authorities. Upon injection of the funds, STA Engines total share capital contribution in STATCO will stand at US$41.6m (approximately $55.70m). The additional funding will support STATCOs business growth. <\/p>\n
Operating out of the Xiamen Aviation Industry Zone at the Gaoqi International Airport since October 2011, STATCO is an 80:20 joint venture between STA Engines and Xiamen Aviation Industry Co Ltd (XAICO). STATCO provides MRO and total support services for CFM56-7B engines that power the Boeing 737 family of aircraft. <\/p>\n
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. <\/p>\n
ST Aerospace (Singapore Technologies Aerospace Ltd) is the aerospace arm of ST Engineering with a turnover of $2.08b in FY2013. Operating a global MRO network with facilities and affiliates in the Americas, Asia Pacific and Europe, it is the worlds 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 http:\/\/www.staero.aero<\/a>. <\/p>\n 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 $6.63b in FY2013 and ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, FTSE ASEAN 40 Index, MSCI Singapore and other indices. ST Engineering has more than 23,000 employees worldwide, and over 100 subsidiaries and associated companies in 46 cities across 24 countries. Please visit http:\/\/www.stengg.comfor<\/a> more information. <\/p>\n<\/p>\n <\/p>\n More:<\/p>\n ST Engineerings Aerospace Arm Injects Capital into its Xiamen Engine MRO Joint Venture<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Singapore, 8 September 2014 Singapore Technologies Engineering Ltd (ST Engineering) today announced that its aerospace arm Singapore Technologies Aerospace Ltd (ST Aerospace), through its wholly owned subsidiary ST Aerospace Engines Pte Ltd (STA Engines) will be injecting its pro rata share of US$20.8m (approximately $25.98m), as additional capital into its Xiamen-based engine MRO joint venture company, ST Aerospace Technologies (Xiamen) Company Limited (STATCO). The planned additional capital injection is subject to regulatory approvals by the Chinese authorities Continue reading