Singapore's SATS Cancels Plan To Buy Terminal Operator

By MarEx 2014-05-12 20:50:00

Singapore airport services and catering firm SATS Ltd said on Monday it had abandoned plans to acquire a cruise and ferry terminal operator from a unit of Singapore state investor Temasek Holdings for S$110 million ($88 million).

In September, SATS said it would buy the Singapore Cruise Centre from Hazeltree Holdings Private Ltd, an indirect wholly-owned subsidiary of Temasek.

"The purchasers and the vendor have agreed not to proceed with the acquisition and to terminate the SPA (sale and purchase agreement) due to market developments in Asia," SATS said in a stock exchange filing.

Singapore Cruise Centre manages and operates the international cruise terminal and regional ferry terminal at HarbourFront Centre in addition to two ferry terminals at Tanah Merah and Pasir Panjang in Singapore.

(c) Reuters 2014.