Acquisition opens up multiple synergies.
Maybank Kim Eng reports that SATS will be acquiring Singapore Cruise Centre (SCC), operator of the international cruise terminal and regional ferry terminal at Harbourfront and two ferry terminals at Tanah Merah and Pasir Panjang, from Temasek Holdings for SGD110m.
SCC have approximately 14 years left on its licence to operate these terminals, the research firm noted.
“We view this acquisition positively as it will increase SATS’s exposure to the structural growth in Singapore’s tourism traffic. Furthermore, this acquisition will allow SATS to aggressively launch their Fly-Cruise service offerings and benefit from the positive outlook for Singapore’s cruise industry with the Singapore Tourism Board expecting cruise passenger throughput of 1.5m by 2017 (2012: 0.91m),” said Maybank.
“Upon completion of this acquisition, we expect SATS to derive synergies between SCC and both its cruise operations at Marina Bay Cruise Centre Singapore (MBCCS) and airport operations at Changi,” it added.
The acquisition is made through SATS subsidiaries Airport Services (wholly owned) and SATS-Creuers Cruise Services (JV: SATS Airport Services owns 60%, Creuers owns 40%). SATS Airport Services and SATS-Creuers will directly own 92% and 8% respectively, with the latter having the option of increasing their stake in the future, according to Maybank.
Why SATS paid S$110m to acquire Singapore Cruise Centre
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