SATS to sell 30% stake in Taj Madras Flight Kitchen for $3.5m

The move aims to simplify their shareholding structures.

Ground and in-flight caterer SATS is selling its 30% stake in Taj Madras Flight Kitchen to TajSATS Air Catering for $3.5m (INR178.74m), according to an SGX filing.

TajSATS is SATS’ joint catering venture with Indian Hotels Company Limited, a hospitality company headquartered in Mumbai.

As stated in the filing, the restructure plans to simplify the existing shareholding structures of TajSATS and TMFK as well as lower compliance and regulatory costs.

The book value and net tangible assets value of the sale shares are $2.8m each.

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