ST Engineering injects new capital into Total Engine Asset Management

Victoria
By Victoria August 6, 2014 15:21

ST Engineering injects new capital into Total Engine Asset Management

Singapore Technologies Engineering Ltd (ST Engineering) has announced that its aerospace arm Singapore Technologies Aerospace Ltd (ST Aerospace), through its wholly owned subsidiary ST Aerospace Engines Pte Ltd (STA Engines), has injected its pro rata share of an additional US$500,000 (S$622,400) into the capital of its 50%-jointly controlled company, Total Engine Asset Management Pte. Ltd. (TEAM).

This exercise will bring STA Engines’ total share capital contribution in TEAM to US$11.52m (S$14.39m). The additional funding will support the expansion of the engine leasing business.

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.

Victoria
By Victoria August 6, 2014 15:21