Singapore, 26 July 2017 – Singapore Technologies Engineering Ltd (ST Engineering) today announced that its associated company, Total Engine Asset Management Pte. Ltd. (TEAM), has set up two new special-purpose vehicles, namely Total Engine Asset Management Ireland 01 Limited (TEAM Ireland 01), in Ireland, and TEAM UK 01 Limited (TEAM UK 01), in the United Kingdom.
TEAM Ireland 01 and TEAM UK 01, with share capital of US$1 each, will support TEAM in its engine leasing business by owning and leasing out aircraft engines.
Established in 2011, TEAM is a 50-50 joint venture set up between Marubeni Corporation and ST Aerospace Engines Pte Ltd, a subsidiary of Singapore Technologies Aerospace Ltd specialising in aircraft engine aftermarket services.
The setting up of the companies 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.