ACQUISITIONS AND DISPOSALS

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Acquisitions and Disposals :: Changes in Company's Interest :: ACQUISITION OF THE REMAINING 4% INTEREST IN A SUBSIDIARY - SHANGHAI ST FOOD INDUSTRIES CO., LIMITED

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Name of Announcer * SATS LTD.
Company Registration No. 197201770G
Announcement submitted on behalf of SATS LTD.
Announcement is submitted with respect to *
SATS LTD.
Announcement is submitted by * S. Prema
Designation * Joint Company Secretary
Date & Time of Broadcast 04-Jan-2013 19:01:35
Announcement No. 00151

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Announcement Title * ACQUISITION OF THE REMAINING 4% INTEREST IN A SUBSIDIARY - SHANGHAI ST FOOD INDUSTRIES CO., LIMITED
Description SATS Ltd. (the "Company") wishes to announce that the Company's subsidiary, Singapore Food Industries Pte. Ltd. ("SFI") has entered into an Equity Transaction Agreement with Shanghai Elson Children Nourishing Food Stuff Factory ("Shanghai Elson"), to acquire the remaining 4% shareholding that it does not already own, in the capital of Shanghai ST Food Industries Co., Limited ("SSTFI") for a consideration of RMB700,000 (approximately SGD139,230). Prior to this, the Company held 96% of the shareholding in SSTFI with the remaining 4% held by Shanghai Elson.
Following the completion of the above transaction and the issuance of the Business Licence from the Shanghai Administration for Industry and Commerce, SSTFI is now an indirect wholly-owned subsidiary of the Company.
The consideration was arrived at after negotiations with Shanghai Elson. SSTFI has a Net
Tangible Liability of RMB8,702,000 (approximately SGD1,709,000) as at 30 November
2012. The registered capital of SSTFI after the acquisiton will remain unchanged at USD4,000,000. The acquisition will enable SFI to have full control over SSTFI and to align its strategies with that of the Company.
The above transaction is not expected to have any material impact on the Company's net tangible assets and consolidated earnings per share in the current financial year.
None of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the above transaction, other than through their respective interests (if any) in the Company.

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04/01/2013

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