Yes, our beloved Flyer has found its new owner, Straco Leisure, subsidiary of Straco Corporation. It has been a year after financial troubles has forced it to be put up on sale.
Listed on the Singapore Exchange since 2004, Straco Corporation develops and operates aquatic, cable car, tourism related facilities and provides management and consulting services. SharesInvesment understands that Straco now runs two aquariums and a mountain cable car service in China.
- Straco Corporation’s subsidiary Straco Leisure has acquired Singapore Flyer for a consideration of $140 million.
- The acquisition will be funded through credit facilities taken from the internal resources of the group and the transaction is not expected to have any material impact on the consolidated net tangible assets or earnings per share of Straco for FY14.
- The Acquisition represents an expansion of the Group’s core tourism related business and was entered into in the ordinary course of business of the Group.
Therefore, would Straco Corp a Singapore Company with a strong track record in managing overseas attraction would be able to turn the Flyer’s loss making business around and establish its presence back home?
Or would the Flyer put pressure on Straco’s future profitability?
What do you think?
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Will Our Troubled Flyer Propel Straco To Greater Heights?
