ST Aerospace has sold its 26% stake in business jet lessor and manager CJS Aviation to Caterhamjet Holdings.
The Singapore company says in a statement that it sold the stake for $1, in light of CJS’ negative net worth and outstanding financial obligations.
“CJS Aviation was set up to specialise in private aircraft management and leasing in the Asia Pacific region,” ST Aero says in a stock exchange statement. “The divestment is a result of ST Aerospace's ongoing business review to optimise resources and divest minority investments that are no longer strategic to its business.”
Caterhamjet is believed to be linked to Malaysia’s Caterham Jet, which in turn is linked to AirAsia founder Tony Fernandes’ Tune Group.
Flightglobal’s Fleets Analyzer shows that Caterham Jet operates a Malaysian-registered Bombardier Global Express and a Cayman Islands-registered CRJ200.
Source: Cirium Dashboard
