ST Engineering, Temasek set up JV for freighter aircraft leasing Photo: ST Engineering website May 12, 2021 Singapore Technologies (ST) Engineering Ltd and state investor Temasek Holdings said they have set up a joint venture for freighter aircraft leasing to take advantage of strong demand for converted passenger planes. The JV will aim to build a $600 million portfolio of mostly narrowbody planes over the next five years through a mix of equity and debt, with the partners able to pick up passenger jets for conversions at lower than usual prices due to a fall in aircraft values during the pandemic, they said late on Tuesday.