SINGAPORE - Transport giant ComfortDelGro Corp is acquiring the private bus chartering assets of local bus operator Ric-Tat Travel & Coach Services and its associated companies for $6.45 million.
The acquisition, which will be conducted through wholly-owned subsidiary ComfortDelGro Bus, will include existing charter contracts, 72 buses and associated drivers.
It comes just three months after a similar deal, where ComfortDelGro bought AZ Bus - another local operator - for $10.25 million.
Upon completion of the latest deal, ComfortDelGro Bus will have a fleet of 370 buses and a staff strength of 374. Including sub-contractors' buses, the total fleet will be about 530 buses.
ComfortDelGro Bus, which also operates premium bus services and shuttle bus services for industrial parks, shopping malls, educational institutions and condominiums, is Singapore's largest private bus charter operator.
ComfortDelGro Corp chief executive Yang Ban Seng said Wednesday (July 25): "We are confident of the growth outlook of the private bus charter industry. As a group, we aim to scale up organically or by acquisitions - both locally and overseas."