Singapore transport firm SMRT shuns bid for Addison Lee

13th October 2014, Comments 0 comments

Singapore public transport operator SMRT said Monday it has decided not to make a bid for Addison Lee, London's biggest minicab firm.

Britain's Sky News reported at the weekend that SMRT was considering a bid of 800 million pounds ($1.3 billion) for Addison Lee, which is being put up for sale by its private equity owner the Carlyle Group.

SMRT said in a statement to the Singapore Exchange that it was approached by an investment bank about the possible sale of Addison Lee.

"Having considered the matter, the company has decided not to make a bid at this stage to acquire Addison Lee," SMRT said.

It said however that the company "is constantly looking out for investment opportunities that contribute to sustainable growth for its stakeholders".

SMRT, which is 54 percent owned by state-linked Singapore investment firm Temasek Holdings, operates the city-state's metro train system and has a fleet of buses and taxis.

In 1997 Singapore's largest taxi operator ComfortDelGro acquired British cab firm Comcab.

© 2014 AFP

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