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SATS sells 51pc stake in SATS HK and 4pc in AAT to HK Airlines
SATS has sold a 51 per cent stake in SATS HK, a ramp and passenger handling services provider at Hong Kong International Airport (HKIA), as well as a four per cent stake in Asia Airfreight Terminal (AAT), which provides cargo handling services, to Hong Kong Airlines.
SATS will now hold a 49 per cent shareholding in SATS HK and a 45 per cent equity interest in AAT.
In a related development, AAT has been selected by Hong Kong Airlines to handle its cargo at HKIA, while SATS HK will provide ramp handling services for the airline in Hong Kong.
Commenting on the deals, SATS president CEO Alex Hungate said: "With the injection of their [Hong Kong Airlines] large base load at their Hong Kong hub, SATS HK and AAT will be able to improve the utilisation of their facilities and enjoy better operating leverage.
"The increased scale will improve service and connectivity for all our customers in Hong Kong. This initiative reflects our agility and ability to adapt and grow in a challenging operating environment," Mr Hungate said.
The completion of the transactions is subject to the fulfilment of certain conditions, including the finalisation and execution of the ramp and cargo services agreements with Hong Kong Airlines.
SATS will now hold a 49 per cent shareholding in SATS HK and a 45 per cent equity interest in AAT.
In a related development, AAT has been selected by Hong Kong Airlines to handle its cargo at HKIA, while SATS HK will provide ramp handling services for the airline in Hong Kong.
Commenting on the deals, SATS president CEO Alex Hungate said: "With the injection of their [Hong Kong Airlines] large base load at their Hong Kong hub, SATS HK and AAT will be able to improve the utilisation of their facilities and enjoy better operating leverage.
"The increased scale will improve service and connectivity for all our customers in Hong Kong. This initiative reflects our agility and ability to adapt and grow in a challenging operating environment," Mr Hungate said.
The completion of the transactions is subject to the fulfilment of certain conditions, including the finalisation and execution of the ramp and cargo services agreements with Hong Kong Airlines.
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