- POSTED: 26 Sep 2013 23:14
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SATS, the chief ground-handling and in-flight catering service provider at Changi Airport, is acquiring the Singapore Cruise Centre from Temasek Holdings for S$110 million.
SINGAPORE: SATS, the chief ground-handling and in-flight catering service provider at Changi Airport, is acquiring the Singapore Cruise Centre from Temasek Holdings for S$110 million.
The acquisition will take place through its subsidiaries, SATS Airport Services and SATS-Creuers Cruise Services.
SATS-Creuers is a 60:40 joint venture formed by SATS Airport Services and Creuers del Port de Barcelona (Creuers), to manage and operate the Marina Bay Cruise Centre Singapore.
SATS Airport Services will fork out S$101.25 million for a 92 per cent stake in Singapore Cruise Centre and SATS-Creuers will contribute S$8.75 million for the remaining 8 per cent stake.
The deal is subject to regulatory approvals from the Maritime and Port Authority of Singapore and the Competition Commission of Singapore.
SATS will also need to get shareholders’ approval at an extraordinary general meeting. Temasek and its associates will abstain from voting on the resolution to approve the transaction at the meeting.
Singapore Cruise Centre manages and operates the regional ferry terminal at HarbourFront Centre, along with the two other ferry terminals at Tanah Merah and Pasir Panjang.
Following the acquisition, SATS plans to connect its operations at Changi Airport with the Singapore Cruise Centre in order to enhance the service experience of cruise lines and their passengers.
SATS president and CEO, Mr Tan Chuan Lye, said in a statement that the deal "will bolster Singapore's position as an attractive regional cruise hub and homeport for cruise lines which in turn will benefit the economy."