8/29/2014 5:08:23 PM
|written By : Team India Se|
Straco Leisure, a subsidiary of Straco Corporation has announced that it has bought the Singapore Flyer for S$140 million.
In an announcement on the Singapore Exchange website, Straco said the acquisition "represents an expansion of the group's core tourism related business". The operator of the Singapore Flyer went bankrupt and it was placed under receivership in May last year.
In a media release, Tim Reid, the Receiver of Singapore Flyer, said both parties have entered into an agreement to sell the business and assets of the Singapore Flyer to Straco Leisure. He said the receivers and managers are "confident that the prospects of the Flyer are extremely exciting under the new ownership".