CDG says that the full ownership of CityCab will strengthen its core point-to-point business in Singapore and allow it to better integrate and shape its global point-to-point business, adapting to market demands and boosting profit contribution.
ComfortDelGro Corporation Limited (CDG) acquired all the remaining shares it does not already own in CityCab for $116.3 million on Sept 1 from ST Engineering's wholly-owned subsidiary.
CityCab, which is now a wholly-owned subsidiary of CDG, has been managed by CDG since 2005 as part of its local taxi business. Prior to the acquisition, CDG owned 53.5% of CityCab, while the remaining shares were owned by ST Engineering Land Systems (STLS).
