By contrast, Singapore Technologies Engineering (ST Engineering) has been offloading what it sees as non-core, as it looks to raise funds to pay down the debt from its US$2.7 billion acquisition of US transport systems firm TransCore in March 2022, and to invest in new growth areas such as artificial intelligence (AI).
In the past decade, ComfortDelGro (CDG) has built a stronger international presence through targeted overseas acquisitions. Fuelled by the cash it built up over the years, the pace of activity has picked up in recent years, with three notable acquisitions in 2024: CMAC, A2B and Addison Lee.
The completion of these deals lifted CDG’s overseas revenue contribution past the 50% mark for the first time in its 1HFY2025 year ended June.
