SINGAPORE May 12 Singapore airport services and
catering firm SATS Ltd said on Monday it had abandoned
plans to acquire a cruise and ferry terminal operator from a
unit of Singapore state investor Temasek Holdings for
S$110 million ($88 million).
In September, SATS said it would buy the Singapore Cruise
Centre from Hazeltree Holdings Private Ltd, an indirect
wholly-owned subsidiary of Temasek.
"The purchasers and the vendor have agreed not to proceed
with the acquisition and to terminate the SPA (sale and purchase
agreement) due to market developments in Asia," SATS said in a
stock exchange filing.
Singapore Cruise Centre manages and operates the
international cruise terminal and regional ferry terminal at
HarbourFront Centre in addition to two ferry terminals at Tanah
Merah and Pasir Panjang in Singapore.
($1 = 1.2490 Singapore dollars)
(Reporting by Eveline Danubrata; Editing by Matt Driskill)