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SINGAPORE: Transport operator ComfortDelGro has scrapped plans to acquire Australian bus builder Custom Coaches.
In a stock exchange announcement, ComfortDelGro said, without elaborating, that it came to the decision after completing due diligence on Custom Coaches.
The Singapore-listed transport company signed a memorandum of understanding in July to acquire Custom Coaches.
If the deal had gone through, it would have given ComfortDelGro a 35 per cent share of the Australian bus building market.
Custom Coaches operates factories that build stainless-steel buses in Adelaide, Sydney and the Gold Coast.
It has been seeking to grow its turnover from overseas operations to 70 per cent in 5 to 7 years, up from about 45 per cent currently.
ComfortDelGro has also been spreading its wings globally. It now has operations in Singapore, Malaysia, Vietnam, China, Australia, the United Kingdom and Ireland.
- CNA/yb
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