SATS reverses from losses to post PATMI of $6.4 mil
https://www.theedgesingapore.com/capita ... tmi-64-mil
SATS to establish first central kitchen in India for $37 mil
https://www.theedgesingapore.com/news/a ... dia-37-mil
Airline ground handler and food catering services provider SATS plans to acquire the world’s largest air cargo handling firm, Worldwide Flight Services (WFS), for EUR1.19 billion ($1.64 billion) in cash.
It would be immediately financially accretive, raising earnings per share by 78% from 1.8 Singapore cents as reported in FY2022 to 3.2 cents on a pro forma basis, and increasing FY2022 pro forma revenue by more than 200%.
The acquisition will enable it to better serve air cargo customers in strategic hubs in Asia, Europe and the US, as well as in complementary new growth markets including Latin America and Africa.
The combined network covers trade routes responsible for more than 50% of global air cargo volume.
The proposed transaction is expected to be completed by March 2023, subject to factors including the requisite shareholder and regulatory approvals.
Temasek Holdings has a deemed interest of about 39.92% in the company.
SATS explains that it has committed funding in place through an acquisition bridge facility, and will continue to evaluate its options.
The base funding plan entails the use of internal cash and equity fundraising from existing shareholders and new strategic investors, which could include the placement of new shares or other hybrid securities or convertible instruments.
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