Divestment of shares in a subsidiary - Urangan Fisheries Pty

Asset Acquisitions and Disposals::Divestment of Shares in a Subsidiary - Urangan Fis... Page 1 of 1
Asset Acquisitions and Disposals::Divestment of Shares in a Subsidiary - Urangan Fisheries Pty Ltd
Issuer & Securities
Issuer/ Manager
SATS LTD.
Securities
SATS LTD. - SG1I52882764 - S58
Stapled Security
No
Announcement Details
Announcement Title
Asset Acquisitions and Disposals
Date & Time of Broadcast
29-Jul-2014 17:20:26
Status
New
Announcement Sub Title
Divestment of Shares in a Subsidiary - Urangan Fisheries Pty Ltd
Announcement Reference
SG140729OTHR7PIO
Submitted By (Co./ Ind. Name)
S. Prema
Designation
Joint Company Secretary
Description (Please provide a detailed
description of the event in the box below)
Please see attached.
Attachments
Announcement - Divestment of Shares in Urangan.pdf
Total size =301K
0
http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content&B=Announcem...
Tweet
29/7/2014
DIVESTMENT OF SHARES IN A SUBSIDIARY – URANGAN FISHERIES PTY LTD
SATS Ltd. (“SATS” or the “Company”) wishes to announce that its indirect wholly-owned
subsidiary, Primary Industries (Qld) Pty Ltd (“PIQ”), has via a Selective Share Buy Back
Agreement divested its entire 51% equity stake (“Sale Shares”) in Urangan Fisheries Pty Ltd
(“UF”) to UF.
The cash consideration of AUD2.35 million or approximately SGD2.72 million was arrived at
on a willing buyer willing seller basis and after taking into account UF’s financial position and
business prospects.
As at 30 June 2014, the book value and net tangible asset value of the Sale Shares were
approximately SGD3.8 million and SGD3.3 million respectively. PIQ’s initial investment into
UF was approximately AUD0.5 million or SGD0.6 million. The divestment is not expected to
have any material impact on SATS’ net tangible assets per share and consolidated earnings
per share for the current financial year.
SATS is divesting its stake in UF because it is not directly related to the Company’s focus on
gateway services and food solutions in Asia.
Following the divestment, UF has ceased to be a subsidiary of PIQ and an indirect subsidiary
of SATS on 29 July 2014.
None of the Directors or controlling shareholders of SATS has any interest, direct or indirect,
in the divestment, other than through their respective interests (if any) in the Company.
By Order of the Board
Prema d/o K. Subramaniam
Joint Company Secretary
29 July 2014
SATS Ltd. 新翔集团有限公司
P.O. Box 3 Singapore Changi Airport Singapore 918141
邮政信箱 3 号新加坡樟宜国际机场新加坡 918141
sats.com.sg
Co. Reg. No. 197201770G

Download Report