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Nikkei Markets

Singapore's SATS Inks Ground Handling JV Pact With AirAsia

By Jason NG and Shiladitya Ghosh
Nikkei Markets
KUALA LUMPUR (Oct 30) -- SATS, a Singapore-based ground handling and in-flight catering service provider, said Monday it has entered into a joint venture with Malaysia's AirAsia to grow ground handling across the ASEAN region.

Under the share swap agreement, SATS will acquire 50% stake in AirAsia's subsidiary Ground Team Red Holdings (GTRH) in exchange for its 80% stake in SATS Ground Services Singapore (SGSS) along with S$119.3 million ($87.51 million) in cash, according to a stock exchange filing by SATS.

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