COMFORTDELGRO CORPORATION LIMITED (Company Registration No. 200300002K)
ACQUISITION OF SHARES IN COMFORTDELGRO CABCHARGE PTY LTDComfortDelGro Corporation Limited ("ComfortDelGro") wishes to announce that it has entered into a Share Sale Agreement to acquire the remaining 49% stake in ComfortDelGro Cabcharge Pty Ltd ("CDC"). CDC operates contract scheduled bus, school bus, private contract and charter bus services in New South Wales and Victoria, Australia with a total of 1,712 buses.
The 49% interest is acquired from its existing partner Cabcharge Australia Limited for a cash consideration of A$186 million (approximately S$196 million). This is based on a valuation of 4.6 times the 2015 EBITDA of CDC. Upon completion, CDC will become a wholly owned subsidiary of ComfortDelGro.
The transaction, which is subject to the approval of the Australian Foreign Investment Review Board, will be financed by a combination of internal funds and bank borrowings.
The above transaction, if completed, is not expected to have any material impact on the net tangible assets per share and the earnings per share of the ComfortDelGro Group for the current financial year.
None of the Directors and controlling shareholders of ComfortDelGro have an interest, direct or indirect, in the above transaction.
By order of the Board
Chan Wan Tak, Wendy Company Secretary
21 December 2016
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 16:03:06 UTC.
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