By
Rebecca Gibson |
Airport and cruise terminal services provider SATS has terminated its plans to purchase Singapore Cruise Centre (SCC), due to market developments in Asia.
In September 2013, SATS announced its plan to complete the SGD110 million acquisition through its SATS Airport Services and SATS-Creuers Cruise Services subsidiaries. If the deal had gone ahead, the company would have owned the international cruise and regional ferry terminal at SCC’s HarbourFront Centre, as well as the Tanah Merah and Pasir Panjang ferry terminals. SATS-Creuers – formed by SATS Airport Services and Creuers del Port de Barcelona – already operates the Marina Bay Cruise Centre Singapore.
Although SATS and the vendor – Hazeltree Holdings – will no longer proceed with the sales and purchase agreement, it is not expected to have a material financial impact on SATS.
“This announcement does not in any way alter SATS’ commitment to grow our successful operations at the MBCC and to promote Singapore as a homeport, nor our ambition to pursue regional cruise opportunities,” said Alex Hungate, president and CEO of SATS. “We remain confident about the prospects for the Asian cruise market and will continue to actively pursue value-creating opportunities to implement our strategy of growing scale and enhancing connectivity.”