SATS Ltd. (SGX:S58) agreed to acquire additional 13% stake in MacroAsia Catering Services, Inc. from MacroAsia Corp. (PSE:MAC) for SGD 8.6 million on July 22, 2015. SATS will acquire 0.16 million shares of MacroAsia Catering Services for SGD 5.1 million and will pay an earnout amount of SGD 3.5 million. The transaction is subject to government approval and is expected to complete by August 31, 2015. The transaction is not expected to have any impact on SATS' net tangible assets and earnings for the year ended March 31, 2016. As of August 31, 2015 SATS Ltd. and MacroAsia Catering Services are still in the process of completing the conditions and the transaction is expected to be completed on or before October 31, 2015. The completion date has been extended to December 31, 2015. As of December 29, 2015, the completion date has been extended to March 31, 2016.

SATS Ltd. (SGX:S58) completed the acquisition of additional 13% stake in MacroAsia Catering Services, Inc. from MacroAsia Corp. (PSE:MAC) on January 22, 2016.