A consortium comprising SATS Airport Services and SATS Creuers Cruise Service, both parts of Singapore Airport tErminals Services (SATS) group, and Hazeltree Holding, the current owner of Singapore Cruise Centre, have decided to terminate talks about the sale of the facility to the consortium.
“The Purchasers and the Vendor have agreed not to proceed with the Acquisition and to terminate the SPA due to market developments in Asia. The non-completion of the Acquisition is not expected to have a material financial impact on SATS,” the company said in a statement
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.”
