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Straco Corporation buy the troubled Singapore Flyer

Dark Knight

Alfrescian (Inf)
Asset
Looks like "Tema The Sick" who is also the shareholder of this firm buy back this piece of white elephant wasting tax payers $$$.

http://www.stracocorp.com/directors.html



SINGAPORE - Mainboard-listed tourism company Straco Corporation has agreed to buy the troubled Singapore Flyer for $140 million in cash.


Get the full story from The Straits Times.

Here is the announcement Straco made on its website:

PROPOSED ACQUISITION OF THE BUSINESS AND ASSETS OF SINGAPORE FLYER PTE. LTD.

The Board of Directors of Straco Corporation Limited (the "Company", and together with its subsidiaries, the "Group") wishes to announce that Straco Leisure Pte. Ltd. (the "Purchaser"), a subsidiary of the Company, has entered into an agre ement dated 28 August 2014 (the "SPA") with Singapore Flyer Pte. Ltd. (in receivership) ("SFPL") and the receivers and managers of certain assets of SFPL. Pursuant to the SPA, the Purchaser will acquire from SFPL the business carried on by SFPL as a going concern, in the form of certa in assets including the giant observation wheel which is also known as the "Singapore Flyer" and th e lease of the property located at 30 Raffles Avenue, Singapore 039803 (the "Acquisition"), for a purchase consideration of S$140,000,000.00 (the " Purchase Consideration").

Pursuant to the SPA, inter alia, the Purchaser shall purchase the assets on an "as is, where is" basis. Also, the completion of the Acquisition pursuant to the SPA is subject to the satisfaction or waiver of certain conditions precedent.

The Acquisition represents an expansion of the Group's core tourism related business and was entered into in the ordinary course of business of the Group. The Purchase Consideration was agreed on a willing-buyer and willing-seller basis having taken into consideration the net asset value of the Assets, and that the Assets are acquired from receivers, on an "as is, where is" basis. The consi deration for the Acquisition, less a deposit that was paid earlier, will be paid wholly in cash on th e date of the completion of the Acquisition.

The Purchaser is an indirect subsidiary of the Company. The Company has an effective shareholding interest of 90 per cent in the Purchaser via its wholly-owned subsidiary Bay Attractions Pte. Ltd, and WTS Leisure Pte. Ltd. has a direct shareho lding interest of 10 per cent in the Purchaser.

The Acquisition will be funded through credit facilities to be taken by the Purchaser for the Acquisition as well as the internal resources of the Group and the internal resources of WTS Leisure Pte. Ltd. in proportion to their respective shareholding interests in the Purchaser. The transaction is not expected to have any material im pact on the consolidated net tangible assets or earnings per share of the Company for the financial year ending 31 December 2014.

None of the Directors or controlling shareholders of the Company have any interest, direct or indirect (other than through their shareholdings in the Company), in the above transaction.

The Company will make further announcements on the Acquisition, as it considers appropriate.

Wu Hsioh Kwang
Executive Chairman
28 August 2014
Singapore
 

krafty

Alfrescian (Inf)
Asset
they should get Zouk to operate there, is a good idea recently suggested from the public.
 
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frenchbriefs

Alfrescian (Inf)
Asset
140 million are they crazy....lets say spread over 10 years,thats 14 million sales revenue a year.....how many goddam tickets would they have to give away to bangras under singapore welfare scheme just to break even?
 

laksaboy

Alfrescian (Inf)
Asset
It's just an overpriced and overglorified ferris wheel ride.

It's also a blatant copycat of the one in London.

Why not build a Giza pyramid or Eiffel Tower next time? :rolleyes:
 

singveld

Alfrescian (Inf)
Asset
just break it down , sell it to some other city.
or break it down as scrap metal.
singapore do not have enough tourists.

the tourism board of singapore include whores coming to geylang and orchard rd as tourists.
if you exclude them, the number fall dramatically.
 

Scrooball (clone)

Alfrescian
Loyal
Should tear down the flyer and use that piece of land for other building projects. Good piece of land wasted there on the stupid ferris wheel.
 

singveld

Alfrescian (Inf)
Asset
crazy horse and now singapore flyer. The list of failed singapore tourist attraction keep rising.
 

johnny333

Alfrescian (Inf)
Asset
Spore used to have plenty of tourist sites e.g. Pagoda Street, the lady boys of Bugis Street, the car park food centre, monkeys of Botanical gardens,....etc The PAP was very arrogant & thought they could do a better job. So they replaced or renovated Spore's past.
 

Dark Knight

Alfrescian (Inf)
Asset
crazy horse and now singapore flyer. The list of failed singapore tourist attraction keep rising.

Sillypore bar top dancing already so much restriction needless to say much about the failure of the "localized version" of crazy horse.

If Sillypore gahbrament (for the sake of collecting GST and licensing fees $$$) can really close both eye, that piece of land can be turned
into another entertainment zone full of AGG bar and Massage parlour.
 

syed putra

Alfrescian
Loyal
Sillypore bar top dancing already so much restriction needless to say much about the failure of the "localized version" of crazy horse.

If Sillypore gahbrament (for the sake of collecting GST and licensing fees $$$) can really close both eye, that piece of land can be turned
into another entertainment zone full of AGG bar and Massage parlour.
Brudder, after all the promotions best pay and continue with the loss. After all, the chap that goes into one of this thing has coughed up airfare, accomodation plus food to the economy.
 

halsey02

Alfrescian (Inf)
Asset
Spore used to have plenty of tourist sites e.g. Pagoda Street, the lady boys of Bugis Street, the car park food centre, monkeys of Botanical gardens,....etc The PAP was very arrogant & thought they could do a better job. So they replaced or renovated Spore's past.

Now they have monkeys of Parliament House...white monkeys on a certain date...:biggrin:
 

mojito

Alfrescian
Loyal
It's just an overpriced and overglorified ferris wheel ride.

It's also a blatant copycat of the one in London.

Why not build a Giza pyramid or Eiffel Tower next time? :rolleyes:

We already have the Hanging Gardens. After the old man passes, we shall have a great statue of bronze erected at the mouth of the Singapore River.
 

zhihau

Super Moderator
SuperMod
Asset

eatshitndie

Alfrescian (Inf)
Asset
We already have the Hanging Gardens. After the old man passes, we shall have a great statue of bronze erected at the mouth of the Singapore River.

do you mean this?
 

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escher

Alfrescian (Inf)
Asset
Should tear down the flyer and use that piece of land for other building projects. Good piece of land wasted there on the stupid ferris wheel.

CANNOT TEAR DOWN

CAN FIT ON IT LOTS OF PIANO WIRES FOR PAPs AND COLLABORATORS TO DANCE UNDER FROM
AND HOISTED UP HIGH FOR SINKIES TO BE ENTERTAINED AND CELEBRATE YUM SENGS TO






They continue to laugh all the way to their banks
And all the way back from their banks

HA HA HA HA
HEE HEE HEE HE HEEEE
HOO HO HOOO HO HO


Plotzensee_nooses.jpg


Hang all those PAP bastards from piano wires, upside down or right way up.




Hang those PAP maggots cockroaches with piano wires from lamp posts to make them dance before it is too late and we have no more CPF to get back.
BBQ those PAP maggots cockroaches before it is too late and we have no more CPF to get back.
Cut a few more arseholes into those PAP maggots cockroaches to let out their shit before it is too late and we have no more CPF to get back.
Make those PAP maggots cockroaches eat joss sticks and candle wax before it is too late and we have no more CPF to get back.




WE ALL ARE NOW WAITING FOR THE DEATH OF LKY IN COMING DAYS OR WEEKS.
WE ALL WILL YUM SENG AND YUM SENG AND YUM SENG AGAIN AND AGAIN DANCING SINGING ON TABLE TOPS AND STREETS
WE THEN WILL SEE THOSE IN PAP WITH SHARPENED KNIVES HOOTING ARSEHLOON A DOZEN NEW ARSEHOLES AND THE DEATH OF THE ENTIRE LEE KWA CLAN
WE THEN WILL PICK UP PIANO WIRES AND HANG ALL THOSE REMAINING PAP AND THEIR COLLABORATORS FROM LAMP POSTS AND SEE THOSE BASTARDS AND BITCHES DANCE.
AND HAPPINESS WILL RETURN TO OUR LAND.
AND STINKAPORE WILL BECOME SINGAPORE ONCE MORE.
https://www.torproject.org/about/overview.html.en
 
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