UrbanLinkz Corporation and SGT Group Holdings JV to acquire Temasek Ferry Services
UrbanLinkz Corporation Limited (UrbanLinkz) and SGT Group Holdings Limited (SGT Group) announced today the acquisition of the businesses and assets of dominant Singapore ferry service operator, Temasek Ferry Services Private Limited (Temasek Ferry), for an undisclosed sum. Together with the acquisition is the merging of Temasek Ferry with the current SGT Group ferry service, SGTXprezz, currently operated by subsidiary SGTXpress Private Limited (SGTXpress).
UrbanLinkz will hold a 51% stake in the newly formed SGTUrbanLinkz Ferries Private Limited (SGTUrbanLinkz Ferries) while SGT Group will hold the remaining 49%. The acquisition and merger is due for completion by end August 2007.
Temasek Ferry, with 150 employees and a fleet of eight ferries, is based in Singapore and operates just under 50% of Singapore's local private ferry services to nearby destinations in Malaysia and Indonesia. In addition, Temasek Ferry also operates water taxi and heritage tugboat services along the Singapore River, providing the general public with an alternative mode of public transport to get around town.
UrbanLinkz Managing Director and Group Chief Executive Officer, Mr Muhammad Hafiz BAM, said: "This acquisition is in line with UrbanLinkz's continuous intentions to boost revenue and diversify the services we offer to the commuting public.
"It marks our entry into the ferry transport sector, widening our portfolio in the local market we are already very familiar with, as well as giving us another opportunity to work with the SGT Group, whom we know very well and which is an established transport operator in Singapore as well.
"What attracted us to the business is its potential for future growth and that we have a strong local partner in SGT Group who has vast experience in the ferry business as well," Mr Muhammad Hafiz said.
"This acquisition," said SGT Group Chief Executive Officer, Mr Goh HF Benjamin, "is a real coup for us as it provides us with an opportunity to increase our market share in the local and regional ferry service industry which we are already quickly making a strong presence in.
"By linking with UrbanLinkz, which is reputed for its outstanding performance in the local bus and taxi industry, the SGTUrbanLinkz Ferries joint venture business going forward will be able to access a tremendous experience resource, which will not only ensure SGTUrbanLinkz Ferries viability but enable expansion in the growing ferry service market.
"We have undertaken to protect employee rights and entitlements and we look forward to working closely with Temasek Ferry staff and the unions to provide a safe and secure workplace for employees as well as a high level of service to our passengers."
UrbanLinkz will hold a 51% stake in the newly formed SGTUrbanLinkz Ferries Private Limited (SGTUrbanLinkz Ferries) while SGT Group will hold the remaining 49%. The acquisition and merger is due for completion by end August 2007.
Temasek Ferry, with 150 employees and a fleet of eight ferries, is based in Singapore and operates just under 50% of Singapore's local private ferry services to nearby destinations in Malaysia and Indonesia. In addition, Temasek Ferry also operates water taxi and heritage tugboat services along the Singapore River, providing the general public with an alternative mode of public transport to get around town.
UrbanLinkz Managing Director and Group Chief Executive Officer, Mr Muhammad Hafiz BAM, said: "This acquisition is in line with UrbanLinkz's continuous intentions to boost revenue and diversify the services we offer to the commuting public.
"It marks our entry into the ferry transport sector, widening our portfolio in the local market we are already very familiar with, as well as giving us another opportunity to work with the SGT Group, whom we know very well and which is an established transport operator in Singapore as well.
"What attracted us to the business is its potential for future growth and that we have a strong local partner in SGT Group who has vast experience in the ferry business as well," Mr Muhammad Hafiz said.
"This acquisition," said SGT Group Chief Executive Officer, Mr Goh HF Benjamin, "is a real coup for us as it provides us with an opportunity to increase our market share in the local and regional ferry service industry which we are already quickly making a strong presence in.
"By linking with UrbanLinkz, which is reputed for its outstanding performance in the local bus and taxi industry, the SGTUrbanLinkz Ferries joint venture business going forward will be able to access a tremendous experience resource, which will not only ensure SGTUrbanLinkz Ferries viability but enable expansion in the growing ferry service market.
"We have undertaken to protect employee rights and entitlements and we look forward to working closely with Temasek Ferry staff and the unions to provide a safe and secure workplace for employees as well as a high level of service to our passengers."
<< Home