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SINGAPORE (July 25): ComfortDelGro (CDG) is acquiring Ric-Tat Travel & Coach Services’ private bus chartering assets for $6.45 million through the group’s wholly-owned subsidiary, ComfortDelGro Bus.
The latest deal includes Ric-Tat’s existing charter contracts, 72 buses and associated drivers.
It will bring ComfortDelGro Bus’s staff strength to 374 and its fleet numbers to 370 buses, with a total fleet size of about 530 buses including those of sub-contractors.
This marks the second bus charter acquisition made by CDG in the past three months, after a similar one involving AZ Bus for $10.25 million.
According to the group, its latest acquisition will further strengthen its leadership position in the unscheduled bus services business.
Ric-Tat was established in 2000 and operates private charter and tour bus services.
“We are confident of the growth outlook of the private bus charter industry. As a group, we aim to scale up organically or by acquisitions - both locally and overseas,” says the group’s managing director and group CEO, Yang Ban Seng.
“This latest acquisition by ComfortDelGro Bus underpins our commitment to the unscheduled bus business which is a growing revenue source for the group,” he adds.
Shares in CDG closed 2.6% higher at $2.36 on Wednesday.