SATS: Acquires 40% stake in catering co Adel Abuljiadyel Flight Catering (AAFC) in Saudi for US$18.5m (approx $23.1m). Price was based on independent valuation and has been paid in cash. Target co had rev of US$11.0m in FY2010 and serves both private jets and airlines such as Cathay and Malaysia Airlines...
SATS will appoint the CEO, CFO and executive chef in AAFC which has presence in Saudi’s 2 busiest airports. DB expects any earnings contribution to be offset by integration costs and maintains Buy TP$3.80
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