SATS to buy 41.65% stake in PT Cardig Aero Services
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SATS Ltd will acquire a 41.65 per cent stake in Indonesian food solutions and gateway service provider PT Cardig Aero Services (CAS) for 1.108.3 trillion rupiah (S$118.3 million), giving the group a stronghold in a priority market.
The purchase consideration was negotiated on a willing buyer, willing seller basis. At 1,275 rupiah per CAS share, it is at an implied premium of 50.1 per cent over the one-day volume weighted average price, according to a group presentation on the acquisition.
SATS entered into the sales-and-purchase agreement with sellers Puncak Cemerlang BV and Bintang Nusantara Ltd on Feb 19, and expects to complete the acquisition on Feb 20, 2014.
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