INFLIGHT caterer and ground handler Sats on Tuesday (Feb 21) requested for a trading halt before the market opened, pending the release of an announcement.
Last month, its shareholders voted in favour of its proposed acquisition of Paris-based air cargo handler Worldwide Flight Services. Sats expects the acquisition to cost S$1.8 billion, and projects the transition to be completed by March or April this year.
On Feb 13, the mainboard-listed company reported a net profit of S$500,000 for its third quarter ended December 2022, reversing two consecutive quarters of losses. This came as travel demand picked up post-pandemic.
Separately, it announced that its joint venture with Air India was selected to design, build, finance and operate a five-tier integrated multi-modal cargo hub at the upcoming Noida International Airport. Although terms of a concession agreement are expected to be finalised in the coming weeks, the company said there is no certainty such an agreement will be signed.
Sats ended Monday at S$2.75, down 3.9 per cent or S$0.11.