Singapore Food Industries (SFI), the owner of Daniels Chilled Foods and Farmhouse Fare, has a new majority owner after Singapore Airport terminal Services (SATS) sealed its move to buy over 69% of the business.
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SFI, which also owns ready meals supplier International Cuisine, said today (20 January) that SATS had bought a 69.6% stake from Ambrosia Investment for around S$334.5m (US$221.8m).
SATS, which handles functions from baggage handling to aviation security and in-flight catering at Singapore Changi Airport, will make a mandatory cash offer to buy the rest of SFI’s shares for S$0.93 a share.
SFI said SATS is expected to send its offer document to the remainder of the company’s shareholders next month.
Officials at SFI and SATS could not be reached for immediate comment.
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By GlobalDataLast month, SFI, which generates around 50% of its business in the UK, decided to wind up its loss-making Irish business Swissco after a court-appointed examiner failed to find a new buyer for the business.
