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.