SATS shareholders vote to approve proposed acquisition of WFS

SATS shareholders voted to approve the proposed acquisition of Worldwide Flight Services (WFS) at an Extraordinary General Meeting (EGM) which was held in person and via electronic means.

96.80 percent of the total number of votes were in favour of the resolution to approve the transaction. Voting at the EGM was conducted by poll.

Kerry Mok, SATS: “It is a clear demonstration that our shareholders recognise the strategic value and growth opportunities that this transformational deal will unlock for SATS and all of our stakeholders.”

The proposed acquisition of WFS now remains subject to requisite regulatory approvals. Transaction completion is currently envisaged for March/April 2023.

SATS shall finance the transaction partly by way of a proposed rights issue to raise up to S$800 million ($605 million).

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