SATS junks $110m Singapore cruise deal

Due to 'market developments' in Asia.

SATS Ltd won't be proceeding with the Acquisition of all of the shares in the capital of Singapore Cruise Centre Pte Ltd amounting to $110 million. It will also terminate the sale and purchase agreement due to market developments in Asia.

The non-completion of the Acquisition is not expected to have a material financial impact on SATS. Said Mr Alex Hungate, President and CEO of SATS: “This announcement does not in any way alter SATS’ commitment to grow our successful operations at the Marina Bay Cruise Centre and to promote Singapore as a homeport, nor our ambition to pursue regional cruise opportunities. We remain confident about the prospects for the Asian cruise market and will continue to actively pursue value-creating opportunities to implement our strategy of growing scale and enhancing connectivity.”