SATS subsidiary increases stake in China JV

Singapore
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Singapore Airport Terminal Services (SATS) has increased its stake in its China joint venture, Jilin CSD Food, through its wholly-owned subsidiary Singapore Food Industries (SFI).

SFI injected an additional CNY9.6 million ($1.52 million) capital into the joint venture on 17 September, increasing its stake to 30%, SATS said in a statement on the Singapore stock exchange.

The capital increase in Jilin CSD Food is to fund capital expenditure and meet working capital requirements.

Dachan Zhong Xin Ltd and state-owned Jilin China-Singapore Food Zone Development Construction Investment own the remaining shares, with a 30% and 40% stake respectively.