Sats in RM218 million bid for 49% stake in Malaysian inflight caterer

Trays of airline food at SATS.
Trays of airline food at SATS.PHOTO: ST FILE

SINGAPORE - A Sats subsidiary has made a conditional binding offer for a 49 per cent stake in inflight caterer Brahim's Airline Catering Holdings (BACH) to its parent company for up to RM218 million (S$70.8 million).

Brahim's offers catering services to 28 global airlines, including Malaysia Airlines Bhd, AirAsia and Cathay Pacific, according to its website.

The offer sum will be paid out in two portions: RM110 million upon completion of the transaction, plus an additional "earn-out" sum of up to RM108 million if certain agreed financial targets are met, Sats said in a press release on Thursday (Oct 22).

Sats said Brahim's parent, Malaysian-listed Brahim's Holdings Berhad, was "currently considering the terms of the offer".