Singtel sells its 30% stake in Abacus Travel Systems

Singapore Telecommunications Ltd has sold its 30 per cent stake in travel service marketing and distribution firm, ATS.
Singapore Telecommunications Ltd has sold its 30 per cent stake in travel service marketing and distribution firm, ATS.PHOTO: ST FILE

SINGAPORE - Singapore Telecommunications Ltd has sold its 30 per cent stake in travel service marketing and distribution firm, Abacus Travel Systems (ATS), for US$3 million (S$4.1 million).

The consideration was paid in cash by the buyer Abacus International upon completion of the transaction, Singtel said in a filing with the Singapore Exchange on Thursday. With this divestment, ATS will no longer be a joint venture of the group.

ATS, which markets and distributes travel-related services through online airline computerised reservation systems, had net tangible asset value of $7.8 million as at March 31.

The rest of ATS is owned by Singapore Airlines, SilkAir, NATAS and Abacus International.