ST Aero doubles share capital in engine leasing venture

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Singaporean MRO provider ST Aerospace has doubled its share capital in its powerplant leasing venture, Total Engine Asset Management (TEAM), to around $3.4 million.

TEAM is a 50:50 joint venture between ST Aerospace's engine division and Japan's trading corporation Marubeni, which leases out CFM International CFM56-3, -5B and -7B engines for Airbus A320 and Boeing 737 aircraft.

ST Aerospace Engines' capital contribution was increased from $1.73 million to $3.43 million.

The capital injection should not have "any material impact on the consolidated net tangible assets per share and earnings per share" of parent ST Engineering, says ST Aerospace.