Singapore's SBS Transit jumps to 2-yr high on public bus sector overhaul

SINGAPORE Wed May 21, 2014 9:08pm EDT

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SINGAPORE May 22 (Reuters) - Shares in Singapore's public transit operator SBS Transit Ltd soared to a two-year high in early trade on Thursday after the government announced plans to overhaul the public bus operating system.

SBS shares jumped as much as 12 percent to a two-year high of S$1.59. Shares in ComfortDelGro Corporation Ltd, which owns 75 percent of SBS Transit, edged down 0.4 percent.

Under the new model, the government will own the buses and appoint routes and contract the service to operators, Singapore's Land Transport Authority said on Wednesday.

(Reporting by Rujun Shen; Editing by Paul Tait)

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