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SATS: Agrees To Buy 50% Stake In Nanjing Weizhou Airline Food Company For S$31.2 Million.

17 May 2019 10:24

SATS Ltd. agrees to buy 50% of China food company, Nanjing Weizhou Airline Food Company through its wholly-owned subsidiary, SATS China Co. Ltd.. Under the terms of the deal, SCC will acquire a 45% stake in Nanjing Weizhou for approximately S$25.5 million and another 5% through the subscription of new shares for approximately S$5.7 million to achieve 50% stake in the company. After the transaction, SCC will have majority board control and key management positions in Nanjing Weizhou. The deal also includes an earn-out incentive for achieving certain financial targets over a three-year period...

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Source: ShareInvestor Express