The Board of Directors (the "Board") of SATS Ltd. announced pursuant to Rule 704 of the Listing Manual the incorporation of a new subsidiary in the People's Republic of China, the particulars of which are as follows: Name of company is Ganzhou SATS Aviation Food Co., Ltd; Place of incorporation is Ganzhou City, People's Republic of China; Date of incorporation is 30 October 2019; Registered capital: RMB 5 million (equivalent to approximately SGD 1 million); and Principal activities is Aviation and railway food production and distribution. Ganzhou SATS Aviation Food Co. Ltd. is a direct 100% owned subsidiary of Nanjing Weizhou Airline Food Corp. Ltd., which is in turn an indirect 50% owned subsidiary of the Company.