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Sats aims to ‘reduce’ size of rights issue, says CEO, after sell-off over fears of potential S$1.7b cash call

Uma Devi
Published Thu, Oct 6, 2022 · 05:50 AM

KERRY Mok, the chief executive of inflight caterer and ground handler Sats : S58 0%, wants shareholders to know he is looking out for their interests.

Since Sats announced some details about a proposed acquisition of Worldwide Flight Services (WFS) last week – details that included a potential rights issue to raise S$1.7 billion – the counter has lost about 24 per cent of its value.

In an interview with The Business Times, Mok stressed that the rights issue is just one of four funding sources for the deal.

“We are also very clear that we need to reduce the size of the rights issue, because we know the market doesn’t like rights issues,” he said. 

The other funding sources are an acquisition bridge facility of 1.2 billion euros (S$1.7 bill…

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