COMFORTDELGRO ACQUIRES REMAINING 49% STAKE IN AUSTRALIAN SUBSIDIARY FOR A$186 MILLION

21 December 2016 - ComfortDelGro Corporation has entered into a Share Sale Agreement with Cabcharge Australia Limited to acquire the remaining 49% stake in ComfortDelGro Cabcharge Pty Ltd (CDC) for A$186.0 million (approximately S$196.0 million).

The acquisition of the shares from Cabcharge is based on a valuation of 4.6 times 2015 EBITDA of CDC and will be financed by a combination of internal funds and bank borrowings.

The Share Sale Agreement is subject to approval from the Australian Foreign Investment Review Board.

CDC was formed in 2005 following the acquisition of the Westbus Group by ComfortDelGro and Cabcharge. Since then, the Company has grown to become one of the largest private bus operators in New South Wales and Victoria, operating contract scheduled bus, school bus, private contract and charter bus services. It has a combined fleet of 1,712 buses and a total staff strength of about 2,300.

Mr Kua Hong Pak, ComfortDelGro Managing Director and Group CEO, said: "The acquisition of the remaining stake in CDC reflects our commitment to the Australian market and our continued confidence in its growth potential. Through a wholly-owned subsidiary, we are better able to seek new opportunities to grow the business."

ComfortDelGro Corporation Limited

205 Braddell Road Singapore 579701

www.comfortdelgro.com Co. Registration No.: 200300002K

Subject to regulatory approval, the acquisition is expected to be completed in the first quarter of 2017.

Besides the bus operations in New South Wales and Victoria, ComfortDelGro also operates taxi services in Perth, Western Australia.

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Background

ComfortDelGro is one of the world's largest land transport companies with a total fleet size of over 45,300 buses, taxis and rental vehicles. It operates in seven countries - Singapore, China, the United Kingdom, Ireland, Australia, Vietnam and Malaysia - giving it the broadest footprint amongst its international peers.

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ComfortDelGro Corporation Ltd. published this content on 21 December 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 10 January 2017 16:13:07 UTC.

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