Transport giant ComfortDelGro Corporation will acquire Australian bus company Tullamarine Bus Lines for A$32.2 million (S$32.69 million).
The acquisition capitalises on Melbourne's new developments and population growth, as well as adds to the group's offerings in the city's metropolitan area.
CDC Victoria, the group's wholly owned subsidiary in the state of Victoria, will undertake the acquisition, which ComfortDelGro said is about 9.9 times Tullamarine's earnings before interest, taxes, depreciation and amortisation (Ebitda).
A family-owned business located close to Tullamarine Airport in Melbourne's north-west, Tullamarine Bus Lines is currently under a long-term contract with state government agency Public Transport Victoria to operate seven metropolitan bus routes.
In addition to its bus routes, Tullamarine Bus Lines also operates contracted school services and Cabways, a taxi management firm.
The company's 34 buses will add to CDC Victoria's fleet, taking its total number of buses to 494.
Logistics firm GKE Corporation said that its net loss for the third quarter ended Feb 28 had narrowed to $758,000, from $930,000 in the same period a year ago.
The group's performance took a hit on lower revenue contribution from TNS Ocean Lines (S), its wholly-owned port operations service provider, and higher operating expenses.
A "competitive and challenging business environment in the warehousing and logistics industry" added to its woes, GKE said.
It added that operating expenses - comprising marketing and distribution costs and administrative expenses - fell 18.4 per cent to $2.7 million.
The group clocked revenue of $17.32 million, a rise of 8.3 per cent.
Lian Beng Group
Construction firm Lian Beng Group yesterday reported a 63 per cent rise in net profit for the fiscal third quarter from a year ago, reflecting stronger revenue.
Net profit for the three months ended Feb 28 rose to $4.68 million from $2.87 million a year ago.
Revenue rose 62.5 per cent to $58.8 million.