Keppel Telecommunications & Transportation Limited (Keppel T&T) is divesting its entire 10% stake in Asia Airfreight Terminal Company Limited (AAT) to SATS for a total cash consideration of HK$207 million ($35.8 million).
The divestment is part of transactions under a sale and purchase agreement (SPA) that was entered into by Keppel T&T, Federal Express Corporation (FedEx), Torres Investments Limited (Torres), SATS and Eastern Option Limited (EOL). FedEx and Torres are the vendors and SATS and EOL are the purchasers.
Under the SPA, Keppel T&T and FedEx will divest their respective stakes in AAT to SATS, while Torres will divest its stake in AAT to SATS and EOL.
The consideration has taken into account AAT’s financial performance and position.
As at Dec 31, 2021, the book value and net tangible asset value of the sale shares stood at HK$199.4 million.
Shares in Keppel Corporation closed 1 cent lower or 0.17% down at $6.02 on Feb 23.
See also: SATS launches US$500 mil bonds under multicurrency debt issuance programme
Photo: Keppel
