ComfortDelGro acquires remaining 10% stake in Ming Chuan Transportation

COMFORTDELGRO has acquired a remaining 10 per cent stake in Ming Chuan Transportation (MCPL) for S$1 million, through its wholly-owned subsidiary, ComfortDelGro MedCare (CDG MedCare).

This makes MCPL a wholly-owned subsidiary of CDG MedCare.

MCPL is a professional wheelchair transport company with more than 70 specialised vehicles islandwide. 

The acquisition was completed on Friday (Mar 31); the total consideration was paid in cash and funded through internal resources, ComfortDelGro said.

The transport operator had acquired a 90 per cent stake in MCPL in January 2022 for S$8.5 million from vendors Neo Lay Kim and Ng Chew Chuah. The remaining 10 per cent stake in the latest transaction was acquired from Neo.

ComfortDelGro said the transaction will not have a material impact on its net tangible assets and earnings per share for the financial year ending on Dec 31, 2023. 

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Shares of the group were trading S$0.01 or 0.8 per cent lower at S$1.18 as at 1.12 pm on Friday, after the news.