Singapore's SATS to buy terminal operator for $110m

PHOTO: Singapore's SATS to buy terminal operator for $110m

SINGAPORE - Singapore airport services and catering firm SATS Ltd said on Thursday it will buy a cruise and ferry terminal operator from a unit of Singapore state investor Temasek Holdings for S$110 million.

SATS said it had agreed to buy Singapore Cruise Centre from Hazeltree Holdings Private Ltd, an indirect wholly-owned subsidiary of Temasek.

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.

It reported revenue of S$45 million for the financial year ended March 2013.

"The positive outlook for the cruise sector in Singapore and the region presents attractive opportunities for SATS, with encouraging trends in both cruise ship arrivals and and passenger throughput," SATS said in a statement.