Singapore Airlines 2009 Annual Report Download - page 166

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NOTES TO THE FINANCIAL STATEMENTS
31 March 2009
22 Subsidiary Companies (in $ million) (continued)
Acquisition of minority interests
On 30 July 2008, SATS acquired the remaining stake in Country Foods Pte Ltd (“Country Food”) from its
minority interests for a purchase consideration of $5.0 million, satisfi ed partly by way of issuance of new
shares and partly by cash. At the same time, Country Food disposed 19.0% of the total number of issued
shares of Country Foods Macau Limited (“CF Macau”) to one main minority shareholder and CEO of Country
Food. Upon the completion of the transaction, Country Food became a wholly-owned subsidiary company of
SATS Group and the effective percentage of equity held by SATS Group in CF Macau reduced to 51.0%. On the
date of acquisition, the book value of the additional interest acquired was $3.3 million. The difference between
the consideration and the book value of the share of the net assets acquired is recognised in goodwill.
The subsidiary companies at 31 March are:
Percentage of
Country of equity held by
Principal incorporation and the Group
activities place of business 2009 2008
Singapore Airport Terminal Investment holding Singapore 80.6 80.8
Services Limited
Aero Laundry & Linen Services Providing and selling - do - 80.6 80.8
Private Limited laundry and linen services
Asia-Pacifi c Star Pte Ltd Dormant - do - 80.6 80.8
Country Foods Pte Ltd Manufacturing of chilled, frozen - do - 80.6 53.9
and processed foods
Country Foods Macau Limited* Processing and packaging of Macau 41.1 37.7
food & beverage products
SATS Airport Services Pte Ltd Airport ground handling services Singapore 80.6 80.8
SATS Catering Pte Ltd Infl ight catering services - do - 80.6 80.8
SATS Hong Kong Limited* Aircraft ramp handling and Hong Kong 80.6 -
passenger services
SATS Security Services Pte Ltd Aviation security services Singapore 80.6 80.8
Singapore Food Industries Food distribution and - do - 80.6 -
Limited# processing of food
International Cuisine Limited and Production and marketing of United Kingdom 80.6 -
its subsidiary companies## chilled ready cooked food
Cresset Limited## Manufacture of food products and Republic 80.6 -
chilled ready cooked food of Ireland
Swissco Limited## In liquidation - do - 80.6 -
Swissco Manufacturing Limited## Purchase of goods and services - do - 80.6 -
Myanmar ST Food Industries Ltd## Dormant Myanmar 80.6 -
Primary Industries (Qld) Pty Ltd Providing of land logistics support Australia 80.6 -
and its subsidiary companies##
Urangan Fisheries Pty Ltd## Processing of seafood - do - 41.1 -