US asset manager BlackRock is no longer a substantial shareholder of SATS, the provider ground handling services and catering to airlines. And in the wake of the sale, its chairman, CEO and directors have been scooping up shares of the company.

According to a June 1 filing with the Singapore Exchange, BlackRock sold 987,500 shares for $2.63 million, or $2.66 per share. The actual date of the sale was not indicated. Following the sale, BlackRock owns just over 55.8 million shares in the company, or 4.99%, down from 5.08% previously. Under Singapore Exchange’s rules, BlackRock is not obliged to make further disclosure of sales — if any — as it is no longer classified as a substantial shareholder owning 5% or more.

In the wake of BlackRock’s sale, SATS directors, including chairman Euleen Goh and CEO Alexander Hungate, had bought shares from the open market.

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