ST Aerospace terminates JV with Wings Capital Partners

It aims to reorganise its aircraft leasing business.

ST Engineering’s aerospace division vowed to continue to pounce on opportunities created by global aircraft fleet expansion and renewal. Its decision to curtail the JV was a result of differing views on strategic focus and operational plans.

According to a report by ST Engineering, the rerouting would enable ST Aerospace to "build up a portfolio of mid-life and end-of-life aircraft assets focused on Airbus A320 and Boeing 737NG family."

"This has led ST Aerospace Resources to incorporate Keystone Holdings (Global) Pte. Ltd., a subsidiary based in Singapore, with a paid up capital of US$10 (approximately S$14)," the report said.

"Keystone Holdings serves as a holding company for aircraft leasing investments, and it plans to incorporate new subsidiaries in various geographies to support its projected portfolio purchase of aircraft which are currently on lease to global airlines," the report added.