Jan 20 - Singapore Food Industries Limited (SFI) announces that Singapore Airport Terminal Services Limited (SATS), has today acquired a 69.6% stake in SFI and a firm intention to make a cash general offer for the remaining shares in SFI.
Based on the announcement by SATS on 2 December 2008 and 14 January 2009, it acquired 359,731,154 SFI ordinary shares, representing approximately 69.6% of all the issued shares in the capital of SFI, from Ambrosia Investment Pte. Ltd., a wholly-owned subsidiary of Temasek Holdings (Private) Limited, for S$0.93 per share, with a total consideration of approximately S$334.5 million in cash.
Following the completion of the acquisition, SATS will make a mandatory unconditional general offer for the remaining shares of SFI at the price of S$0.93 per share in cash (the “Offer”).
The Board has appointed ANZ Singapore Limited as its independent financial adviser to advise directors who are considered independent for the purposes of the Offer. A circular containing the advice of the independent financial adviser and the recommendations of the independent directors will be sent to the Shareholders within 14 days after SATS has dispatched their Offer Document. SATS is expected to dispatch their Offer Document to Shareholders in early February 2009.
About Singapore Food Industries
Singapore Food Industries is the only fully integrated food logistics and catering supplier in Singapore. It has significant operations in the United Kingdom, which contribute about 50.0 per cent to Group turnover. Headquartered in Singapore, SFI’s three core businesses are Food Distribution, Food Preparation, Manufacturing and Processing, and Abattoir and Hog Auction