Global Yellow Pages to drop river water taxi venture at year-end

INFORMATION directory firm Global Yellow Pages (GYP) will stop operating river water taxis on Dec 31, 2015, the day the project's three-year tenure expires, the group said in a Singapore Exchange filing on Friday.

Singapore River Explorer, a company set up to operate the river water taxis project, owes GYP S$5.9 million plus S$0.4 million interest, GYP said, adding that it had also provided a guarantee for about S$850,000 that Singapore River Explorer borrowed from a third party.

The group said its board was "taking advice" on the recovery of the money lent and the guarantee. It added that if Singapore River Explorer cannot meet its repayment obligations due to the river water taxi project ending, that is likely to have a material impact on GYP's performance for its financial year ending June 30, 2016.

GYP owns 50 per cent of Singapore River Explorer. The Urban Redevelopment Authority of Singapore had awarded the river water taxis project to a consortium led by GYP.

GYP shares fell 0.3 Singapore cent to S$0.178 on Friday before the announcement.