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Old 31-08-2015, 06:47 PM   #231
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ST Engineering’s aerospace arm sets up Keystone Holdings after winding down WingStar

By PC Lee / theedgemarkets.com | August 31, 2015 : 5:42 PM MYT
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SINGAPORE (Aug 31): ST Engineering says that ST Aerospace Resources is incorporating Keystone Holdings (Global), a subsidiary based in Singapore, with a paid-up capital of US$10 ($14).

Keystone will serve 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 move comes after the joint venture agreement between ST Aerospace Resources and Wings Capital Partners Holdings to set up WingStar to acquire mid-life to end-of-life aircraft for lease and conversion, was terminated.

The decision to terminate the JV agreement and wind up WingStar was mutually agreed upon between the two shareholders, as a result of differing views on the strategic focus and operational plans.

However, recognising aircraft leasing as an important extension of its total aviation support offering, ST Engineering’s aerospace arm will now through Keystone continue to tap opportunities created by global aircraft fleet expansion and renewal to build up a portfolio of mid-life and end-of-life aircraft assets focused on Airbus A320 and Boeing 737NG family.

ST Engineering closed 0.7% higher at $3.07.
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