Sats acquires additional 40% stake in China aviation meal producer for 312.6 million yuan ($58m)
The move will let the group capitalise on Chinese airlines’ increasing adoption of frozen food.
This brings Sats’ total shareholding in Nanjing Weizhou Airline Food Corporation (NWA) to 90 per cent, following its initial investment for 50 per cent ownership in 2019, allowing the group to consolidate operational control over the business.
Since that initial capital injection, Sats noted that NWA has more than doubled its revenue as Chinese carriers accelerated their adoption of frozen meals in domestic operations.
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