PETALING JAYA: AirAsia Bhd and SATS Ltd have agreed to a ground-handling partnership in Malaysia and Singapore to expand their operations in South-East Asia.
Under the terms of the partnership, SATS will acquire a 50% interest in AirAsia’s unit, Ground Team Red Holdings Sdn Bhd (GTRH), in exchange for SATS’ 80% stake in the new ground-handling entity, SATS Ground Services Singapore Pte Ltd (SGSS), in Changi Airport, Singapore, and an aggregate cash consideration of S$119.3mil (RM372.2mil).
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