SATS to buy 41.65% stake in PT Cardig Aero Services

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…