| Acquisitions and Disposals :: Changes in Company's Interest | |
| * Asterisks denote mandatory information | |
| 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 Broacast | 22-Aug-2012 21:01:21 |
| Announcement No. | 00107 |
| Price Sensitivity | No |
| >> Announcement Details | |
| The details of the announcement start here ... |
| Announcement Title * | REDUCTION IN SHARE CAPITAL OF AN INDIRECT SUBSIDIARY, COUNTRY FOODS MACAU, LIMITED |
| Description | SATS Ltd. (the "Company") wishes to announce that its indirect subsidiary, Country Foods Macau, Limited (also known as Comidas Do Campo Macau, S.A.) ("CFM"), has, on 9 August 2012, reduced its share capital from MOP$40,000,000 to MOP$1,000,000. This was done by the cancellation of 390,000 ordinary shares of MOP$100 each. The capital reduction exercise was undertaken to better align CFM's share capital structure with its current business and operational requirements. Prior to the capital reduction exercise, the paid up share capital of CFM was MOP$10,000,000. Following the completion of the capital reduction exercise, the paid up share capital of CFM has been reduced from MOP$10,000,000 to MOP$1,000,000. The MOP$9,000,000 of the paid up capital will be returned to CFM's shareholders subject to CFM's financial status. There is no change in the Company's shareholding interest in CFM which remains at 51%. The Company, through its wholly owned subsidiary Country Foods Pte. Ltd., continues to hold 5,100 ordinary shares of MOP$100 each in CFM. The capital reduction exercise is not expected to have any material impact on the Company's net tangible assets per share and consolidated earnings per share for the current financial year. None of the Directors of 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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