SATS Ltd of Singapore has formally completed a ground-handling partnership with low-cost Malaysian carrier AirAsia.
Under the terms of the partnership, SATS will acquire a 50% interest in Ground Team Red Holdings Sdn Bhd (GTRH). GTRH will be renamed SATS Ground Team Red Holdings Sdn Bhd, which will be a 50:50 joint investment between AirAsia and SATS that will hold stakes in both its Malaysia and Singapore subsidiaries, Ground Team Red Sdn Bhd (GTR) and SGSS respectively.
AirAsia will effectively own 51% of GTR and 40% of SGSS while SATS will effectively own 49% of GTR and 60% of SGSS.
See related article at: http://www.janesairport360.com/article/9532/sats-smartens-ramp-operations
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