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ComfortDelGro to acquire private bus chartering assets of Ric-Tat Travel & Coach Services for S$6.45m
COMFORTDELGRO Corporation (CDG) will acquire the private bus chartering assets of Ric-Tat Travel & Coach Services and its associated companies for S$6.45 million.
The acquisition, which will be conducted through its wholly-owned subsidiary, ComfortDelGro Bus Pte Ltd, will include existing charter contracts, 72 buses and associated drivers. It comes three months after CDG acquired the private bus chartering assets of AZ Bus Pte Ltd for S$10.25 million.
Upon completion of the latest deal, ComfortDelGro Bus will have a fleet of 370 buses and a total staff strength of 374. Including sub-contractors' buses, the total fleet will be about 530 buses.
Ric-Tat was established in 2000 and operates private charter and tour bus services. Its customers include American, Japanese multinational corporations and local enterprises from semiconductor, manufacturing, construction, oil and gas, education and leisure and hospitality industries.ComfortDelGro group chief executive officer Yang Ban Seng said: "We are confident of the growth outlook of the private bus charter industry. As a group, we aim to scale up organically or by acquisitions - both locally and overseas."