Singtel sells its stake in Abacus for US$3 million

In a statement on SGX it said it has entered into and “completed a share purchase agreement to sell its entire 30% shareholding in Abacus Travel Systems (“ATS”) to Abacus International."

ATS provides marketing and distribution of travel-related services through on-line airline computerised reservation systems. The aggregate value of the consideration paid to Singtel under the Transaction was US$3 million.

The statement further added: “The consideration was arrived at on awilling-buyer willing-seller basis, taking into account the audited net tangible asset value of ATS as at 31 March 2015 of approximately S$7.8 million.”

“ The consideration was paid in cash upon completion of the transaction.”

Following the divestment, ATS ceases to be a joint venture company of the Singtel Group. It is owned by Singapore Airlines, SilkAir, NATAS and Abacus International.

Abacus could not comment at the time of writing.