Financial Times, 2 Dec 2008, Sundeep Tucker
Singapore Airport Terminal Services, an airline caterer, on Tuesday unveiled a S$335m cash offer for Singapore Food Industries, a supplier to the country’s military and to supermarkets in the UK.
The largest shareholder in Singapore-listed SFI is Ambrosia Investment, which owns a 70 per cent stake. Ambrosia is a wholly-owned unit of Temasek, the state-owned investment agency.
SATS has entered in to a conditional sale and purchase agreement with Ambrosia to acquire its stake, and will make a mandatory conditional offer for all the other remaining ordinary shares.
The deal keeps SFI in Singaporean hands. Temasek is the majority shareholder of Singapore Airlines, which has a 81 per cent stake in SATS.
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