SATS discards 40% stake in Saudi Arabian flight catering firm
For a cash consideration of $24m.
Mainboard-listed flight catering firm SATS Ltd yesterday announced that it has completed the disposal of its 40% equity stake in a Saudi Arabian flight catering firm, Adel Abuljadayel Flight Catering Company Limited.
The total cash consideration for the deal was $24m (US$18.4m). The disposal was first announced in June 2013.
AAFC has now ceased to be an associate company of SATS. The disposal is not expected to have any material impact on SATS for the current financial year.