Acquisition of Great Rides Bus Services
UrbanLinkz announces that it has acquired Great Rides Bus Services ('Great Rides'), an independent Singapore bus operator, for an undisclosed sum.
Based from a single depot in Ang Mo Kio, Great Rides operates a fleet of approximately 70 vehicles on three basic trunk services and one express service. The business generated adjusted operating profit of approximately S$0.5 million on revenue of S$5 million in the year ended 31 March 2008. The acquisition will help expand UrbanLinkz's footprint in the central and eastern region bus markets in which it is expanding now.
The acquisition follows that of Harmony Bus Services in May 2008.
Commenting on the acquisition, Hafiz BAM, Chief Executive of the Group, said:
"The acquisition of Great Rides represents an important step for us in the eastern region and complements the continuing strong organic growth of our bus business which remains the strongest profit contributor for the Group."
Based from a single depot in Ang Mo Kio, Great Rides operates a fleet of approximately 70 vehicles on three basic trunk services and one express service. The business generated adjusted operating profit of approximately S$0.5 million on revenue of S$5 million in the year ended 31 March 2008. The acquisition will help expand UrbanLinkz's footprint in the central and eastern region bus markets in which it is expanding now.
The acquisition follows that of Harmony Bus Services in May 2008.
Commenting on the acquisition, Hafiz BAM, Chief Executive of the Group, said:
"The acquisition of Great Rides represents an important step for us in the eastern region and complements the continuing strong organic growth of our bus business which remains the strongest profit contributor for the Group."
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