Singapore's Sats to buy ferry terminal operator for $110m

The flight services firm Sats is buying Singapore Cruise Centre from Temasek Holdings in a $110 million move to increase its presence in passenger shipping.  -- ST FILE PHOTO: NG SOR LUAN
The flight services firm Sats is buying Singapore Cruise Centre from Temasek Holdings in a $110 million move to increase its presence in passenger shipping.  -- ST FILE PHOTO: NG SOR LUAN

SINGAPORE (REUTERS) - Singapore airport services and catering firm Sats said on Thursday it would buy a cruise and ferry terminal operator from a unit of Singapore state investor Temasek Holdings for $110 million.

Sats said it agreed to buy Singapore Cruise Centre from Hazeltree Holdings Private, 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 $45 million for the financial year ended March this year.

"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 passenger throughput," Sats said in a statement.