ComfortDelGro has become the sole owner of Singapore-based taxi firm CityCab after acquiring ST Engineering’s 46.5% stake for S$116.3m (€77.4m).
ST Engineering, which is majority owned by Singaporean investment firm Temasek, said the divestment aligned with its core point-to-point business in Singapore.
ST Engineering, which held the stake via ST Engineering Land Systems, added that the divestment will result in a one-off gain on disposal of approximately S$77.2m for the current financial year.
Outside Singapore, transport group ComfortDelGro has significant overseas presence, including the UK and Ireland, Australia, Vietnam, Malaysia and across 11 cities in China.
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