SATS completes buyout of Oman Air Cargo stake for $23.4m

SATS has a total of 33% interest.

In an SGX filing SATS announced that Oman Air cargo handling unit was finally transferred to Oman Air Cargo LLC (JVCo).

With effect from 16 November 2016, SATS' wholly owned subsidiary, SATS Investments Pte Ltd (SIPL) has acquired 33% of the share capital of the JVCo, at a purchase consideration of OMR 6,369,000 (S23.4m) in cash (as announced earlier).

SATS has entered into a joint venture agreement with Oman Air S.A.O.C. in relation to a cargo handling joint venture last March.

A total of 570,629 shares of OMR 1 each (instead of the 165,000 shares announced earlier) of the JVCo were acquired from Oman Air.

The JVCo will be renamed Oman Air SATS Cargo LLC (instead of Oman SATS Cargo LLC, as announced earlier).

The transaction is not expected to have any material impact on SAT’s net tangible assets per share and consolidated earnings per share for the current financial year.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia