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Asset Acquisitions and Disposals::Completion of the Disposal of 40% Equity Interest ...

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Asset Acquisitions and Disposals::Completion of the Disposal of 40% Equity Interest in Adel Abuljadayel Flight

Catering Co Ltd

Issuer & Securities

Issuer/ Manager SATS LTD. Securities SATS LTD. - SG1I52882764 - S58 Stapled Security No


Announcement Details

Announcement Title Asset Acquisitions and Disposals Date & Time of Broadcast 19-Nov-2014 17:26:29 Status New Announcement Sub Title Completion of the Disposal of 40% Equity Interest in Adel Abuljadayel

Flight Catering Co Ltd

Announcement Reference SG141119OTHREH1N Submitted By (Co./ Ind. Name) S. Prema Designation Joint Company Secretary Description (Please provide a detailed description of the event in the box below) Please see attached. Attachments

Completion of divestment in AAFC.pdf

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19/11/2014

COMPLETION OF THE DISPOSAL OF 40% EQUITY INTEREST IN ADEL ABULJADAYEL FLIGHT CATERING COMPANY LIMITED 1. INTRODUCTION

The Board of Directors ("Board") of SATS Ltd. ("SATS" or the "Company") refers to the Announcement issued on 27 June 2013 on the execution of a share sale and purchase agreement ("Sale Agreement") between its wholly-owned subsidiary, SATS Investments Pte. Ltd. ("SIPL"), and Adel Abdulmajed S Abuljadayel ("Purchaser") pursuant to which SIPL had agreed to transfer all of its 40% equity interest in ADEL ABULJADAYEL FLIGHT CATERING COMPANY LIMITED ("AAFC") to the Purchaser for a cash consideration of US$18,400,676
(equivalent to approximately S$23.96m1) ("Proposed Transaction")

2. COMPLETION

Completion of the Proposed Transaction is subject to and conditional upon various conditions precedent being met including, inter alia, obtaining regulatory approval from the Saudi Arabian General Investment Authority ("Conditions").
Accordingly, SATS wishes to announce that all the Conditions have been satisfied and completion has taken place on 17 November 2014. Following completion, SIPL no longer holds any equity interest in AAFC and AAFC has ceased to be an associate company of SATS with immediate effect.
The disposal is not expected to have any material impact on the Company's net tangible
assets per share and consolidated earnings per share for the current financial year.

3. INTEREST OF DIRECTORS AND CONTROLLING SHAREHOLDERS

None of the Directors nor any controlling shareholder of the Company has any interest, direct or indirect, in the Proposed Transaction.
BY ORDER OF THE BOARD
S. Prema
Company Secretary
19 November 2014

1 Exchange rate: US$1 = S$1.3021.

SATS Ltd. 新翔集团有限公司

P.O. Box 3 Singapore Changi Airport Singapore 918141

邮政信箱 3 号 新加坡樟宜国际机场 新加坡 918141

sats.com.sg Co. Reg. No. 197201770G
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