ST Aerospace Resources to collaborate with Sojitz Corporation in aircraft leasing

ST Aerospace Resources has signed an agreement to divest 50% of its equity stake in Keystone Holdings (Global) to SJ Aviation Capital, a Singapore based subsidiary of Sojitz Corporation, for a consideration estimated to be US$10.7m. Upon completion, ST Aerospace Resources and SJ Aviation Capital will each own a 50% shareholding in Keystone Holdings. The completion of the agreement will be subject to the customary closing conditions that will lead to the execution of a joint venture agreement. Upon completion of the Proposed Transaction, the shareholders plan to continue to build up a portfolio of mid-life and end-of-life single-aisle aircraft assets, tapping on opportunities created by global aircraft fleet expansion and renewal. Keystone Holdings is the holding company for aircraft leasing investments. It currently holds subsidiaries in various geographies to support its portfolio purchase of aircraft which are currently on lease to global airlines. Based in Japan, Sojitz Group consists of approximately 410 subsidiaries and affiliates globally. As a general trading company, it engages in a wide range of businesses, including import, export, manufacturing and sale of various products. Sojitz also invests in various sectors and conducts financing activities.