Sats and DFASS enter into joint venture for duty free sales

SINGAPORE - Flight service provider SATS unit Asia-Pacific Star has entered into a joint venture with DFASS (Singapore) for inflight, retail and mail order sales of duty free products.

Each firm will have a 50 per cent stake in the joint venture company, named DFASS SATS.

Asia-Pacific Star will inject about S$11.4 million in cash in exchange for ordinary shares.

Meanwhile, DFASS will transfer assets such as merchandise inventories and point-of-sale devices to the joint venture company in exchange for ordinary shares.