SATS China Co., Ltd entered into a share purchase agreement to acquire 40% stake in SATS Yihai Kerry Kunshan Food Co., Ltd. from Yihai Kerry Investments Co., Ltd. for CNY 80 million on November 19, 2018. The consideration will be paid in cash. In a related transaction, SATS China Co., Ltd entered into a share purchase agreement to acquire 60% stake in SATS Yihai Kerry Kunshan Food Co., Ltd. from SATS Food Services Pte. Ltd. for CNY 120 million. The consideration will be funded through internal resources of SATS Ltd. (SGX:S58). Post completion, SATS Ltd will indirectly own 100% stake in SATS Yihai Kerry Kunshan Food Co., Ltd. The transaction is subject to relevant regulatory approvals. The transaction is not expected to have any material impact on net tangible assets per share and consolidated earnings per share for 2018 of SATS Ltd and Wilmar International Limited (SGX:F34). SATS China Co., Ltd completed the acquisition of 40% stake in SATS Yihai Kerry Kunshan Food Co., Ltd. from Yihai Kerry Arawana Oils, Grains & Food Co., Ltd. on March 25, 2019. Following the acquisition, SATS Yihai Kerry Kunshan Food Co., Ltd. is now ultimately owned by SATS Ltd. through its wholly-owned subsidiary SATS China Co., Ltd. and ceases to be an associated company of Wilmar International. SATS Yihai Kerry Kunshan Food Co., Ltd. has also been renamed as SATS (Kunshan) Food Co., Ltd.