Temasek’s Fullerton Fund Management disposes of 1.8m Sats shares for S$5.4m
STATE investor Temasek Holdings’ subsidiary Fullerton Fund Management on Oct 7 sold 1.2 million of its shares in Sats for some S$3.5 million or S$2.982 apiece, according to a bourse filing on Wednesday (Oct 12).
In another bourse filing on Thursday, Temasek Holdings revealed that Fullerton had sold another 629,500 shares on Oct 10 for S$1.9 million. As a result of these sales, Temasek’s deemed interest declined from 40.02 per cent to 39.96 per cent of the total number of voting shares.
Temasek’s deemed interest in Sats is 39.7 per cent held via Venezio; 0.03 per cent via SIA; 0.1 per cent via DBS; and 0.1 per cent via Fullerton.
Fullerton and SIA are independently managed Temasek portfolio companies. The former is a wholly owned subsidiary of FFMC Holdings, which is 51 per cent-owned by a subsidiary of Tembusu.
Meanwhile, Venezio is a subsidiary of Tembusu unit Napier - which in turn has a more-than 20 per cent interest in SIA.
Sats ended Wednesday S$0.08 or 2.7 per cent lower at S$2.85, before the announcement. This marks a two-year low for the counter, as the last time it traded as such levels was in Oct 2020.
Shares of the inflight caterer and ground handler have been on a steady decline since the company on Sep 28 announced plans to acquire Paris-based air cargo handler Worldwide Flight Services for a maximum total consideration of about 1.3 billion euros (S$1.9 billion).
This sparked a sell-off over fears of a potential rights issue to raise S$1.7 billion for the deal, which chief executive Kerry Mok stressed was just one of four funding sources for the deal.
In an interview with The Business Times in early October, Mok indicated a need to reduce the size of the rights issue – adding that other funding sources included an acquisition bridge facility of 1.2 billion euros, internal cash resources, and new strategic investors.
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