SATS (S58.SG) –0.7% at $2.84 in thin trade, hardly swayed by company’s decision to buy Japan Airlines’ entire 50.7% stake in airline caterer TFK Corp for $122 million.

Purchase marks SATS’ entry into Japan, in line with company’s active bid to develop presence beyond core Singapore, UK markets.

SATS will fund acquisition using internal resources, debt, with TFK becoming subsidiary once deal completes by December.

News of SATS eyeing TFK first surfaced last week, with company saying no agreement reached yet, but now says concrete deal reached.