SATS makes offer for Brahim's-owned unit
Conditional binding offer to buy 49% stake for RM218 million
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Anita Gabriel
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Singapore
SATS Ltd has lobbed a conditional binding offer on Wednesday to buy a 49 per cent stake in a Malaysian airline catering firm from Bursa Malaysia-listed Brahim's Holdings Berhad for RM218 million (S$71 million).
SATS, Changi Airport's biggest ground-handling and in-flight catering service provider, has offered to pay RM110 million to acquire Brahim's Airline Catering Holdings Sdn Bhd (BACH) plus an earn-out sum of up to RM108 million conditional on meeting certain financial targets, it said in an announcement to the Singapore Exchange.
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