SINGAPORE Technologies Engineering's (ST Engineering) aerospace arm, Singapore Technologies Aerospace (ST Aerospace), has injected its pro rata share of US$24.5 million as additional capital into ST Aerospace (Guangzhou) Aviation Services.
Operating out of the Guangzhou Baiyun International Airport since March 2014, ST Aerospace (Guangzhou) Aviation Services is a 49:51 joint venture between ST Aerospace and Guangdong Airport Authority. It focuses on commercial airframe maintenance and modification services for a wide range of Airbus and Boeing aircraft.
The additional funding - which brings ST Aerospace's total share capital in ST Aerospace (Guangzhou) Aviation Services to US$44.1 million - will support the joint venture's expansion and business growth.
"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," said ST Engineering on Monday.