Link: https://links.sgx.com/1.0.0/corporate-announcements/RUE85IRAA5FKUXK2/71203b4eadeab8bc3bb01988d0ac273f5b412c90fe0a941d8c0308acd2aaa552

Summary:

• Transaction: On 1 September 2025, ComfortDelGro (CDG) acquired all remaining shares (46.5%) in CityCab from ST Engineering Land Systems (STLS), making CityCab a wholly-owned CDG subsidiary.

• Purchase Consideration: S$116.3 million, based on an independent valuation (by Deloitte & Touche, S$98.9 million) and agreed upon by both parties. Funded fully by bank facilities.

• Rationale: CityCab has been managed by ComfortDelGro since 2005. Full ownership strengthens CDG’s local point-to-point transport business, enables better global business integration, and is expected to be earnings accretive.

• Financial Effects: Net tangible asset and book value attributable to the acquired stake: S$37.4 million (as of FY2024). The acquisition is not expected to have material impact on CDG’s net tangible assets or earnings per share for FY2025.

• Interests: None of the Directors or controlling shareholders have interests in the transaction, except via normal shareholdings.

• Compliance: Transaction is not disclosable under SGX Chapter 10.