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SATS invests 136m yuan in two China JVs
SATS Ltd, a cargo handling and in-flight catering group, has entered into two joint ventures (JVs) to invest some 136 million yuan (S$27.3 million) to boost its China business in Beijing.
It said on Thursday that it would enter the first JV with Capital Airports Holding Company (CAH) to incorporate a company in the capital city to provide ground and cargo handling and other related services at Beijing Daxing International Airport. For this JV, it would subscribe 106 million yuan worth of shares, representing a 40 per cent stake in the JV.
In the second JV, it has joined hands with both CAH and Juneyao Airlines to set up a catering company in Beijing which offers inflight catering and other related services at Beijing Daxing International Airport. For the second JV, it would subscribe 30 million yuan worth of shares, representing a 10 per cent equity interest.
Shares of SATS closed on Thursday at S$4.88, up 13 Singapore cents.