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SATS exits deal to buy cruise centre

Company cites 'market developments'; competition watchdog informed

Published Mon, May 12, 2014 · 10:00 PM
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Singapore

AIRPORT and cruise terminal services operator SATS has pulled out of its agreement to purchase the Singapore Cruise Centre (SCC) from Temasek Holdings.

Under an agreement reached in September last year, SATS was slated to buy the SCC for $110 million, to add to the Marina Bay Cruise Centre which it already owns.

In a statement yesterday, SATS said that both parties had agreed to terminate the sale-and-purchase agreement "due to market developments in Asia".

When contacted by The Business Times, SATS was tight-lipped about elaborating on the factors that led to the collapse of the deal. A spokesman said that the company could only confirm that this was due to market developments, wi…

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