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Singtel sells 30% stake in Abacus Travel Systems
SINGTEL has sold its 30 per cent stake in travel service marketing and distribution firm, Abacus Travel Systems (ATS), for US$3 million.
The consideration was paid in cash by the buyer Abacus International upon completion of the transaction, Singtel said. With this divestment, ATS will no longer be a joint venture of the group.
ATS, which markets and distributes travel-related services through online airline computerised reservation systems, had net tangible asset value of S$7.8 million as at March 31.