You are here
SATS acquires remaining 49% in JV company for S$17m
SATS Limited has acquired the remaining 49 per cent in joint venture company SATS BRF Food Pte Ltd (SBRF) for S$17 million from BRF GmbH.
BRF GmbH is a subsidiary of BRF SA, a Brazilian company listed on the Sao Paulo and New York Stock exchanges.
Based on SBRF's management accounts as at Aug 31, 2019, both the book value and net tangible asset value of the 49 per cent acquired equity interest are S$20.8 million each.
SATS, a ground handler and in-flight catering services provider, said SBRF has been renamed Country Foods Pte Ltd.
Alex Hungate, president and chief executive officer of SATS, said: “By taking 100 per cent ownership of our food distribution joint venture company, we can accelerate end-to-end traceability of raw materials for our customers, and deploy data analytics to achieve greater efficiency and quality, while reducing food waste.”
SATS aims to build a digital integrated supply chain that centralises procurement and distribution to improve food safety, quality and production efficiency.
Country Foods has signed an exclusive distribution and licensing agreement with BRF Global GmbH to distribute products and the right to license brands owned by BRF SA in Singapore.