Sats’ play for cargo handler Worldwide Flight Services wipes S$1b off market cap

SHARES of Sats plunged to a near 2-year low after the counter resumed trading on Thursday (Sep 29) morning, erasing some S$1.02 billion off the inflight caterer and ground handler’s market capitalisation. 

This came after Sats on Wednesday announced its 1.3 billion euro (S$1.9 billion) bid to acquire Paris-based air cargo handler Worldwide Flight Services (WFS).

Sats’ shares hit an intraday low of S$2.96 just before the midday trading break, down 23.5 per cent or S$0.91. The last time the counter traded near this level was during the pandemic in October 2020.