SINGAPORE - Flight services firm Sats is buying the Singapore Cruise Centre from Temasek Holdings in a $110 million move to enhance its presence in passenger shipping.
The Singapore Cruise Centre operates the international cruise terminal and regional ferry terminal at HarbourFront Centre, as well as ferry terminals in Tanah Merah and Pasir Panjang.
It reported a revenue of $45 million and a profit before tax of $16.7 million for the financial year ended March 31.
Sats already runs the Marina Bay Cruise Centre, which began operating in May last year.
"Singapore Cruise Centre has a compelling fit with our existing cruise handling and terminal operations," noted Sats president and chief executive Tan Chuan Lye in a statement.
Sats said it will be able to lift efficiency, better utilise berths and resources, and attract more cruise lines to make Singapore their regional base when it combines the Singapore Cruise Centre with its own terminal operations.
"(The firm) will also work with industry stakeholders to jointly promote Singapore as a regional cruise hub," the statement said.
Sats, which provides airport gateway services and in-flight catering, added that it will "connect its operations at Changi Airport with the Singapore Cruise Centre" to improve transfer connections for customers.