Singapore Flyer acquired by Straco Leisure for S$140 million

SINGAPORE — Straco Leisure, a subsidiary of mainboard-listed tourism operator Straco Corporation, has announced that it will acquire the Singapore Flyer for S$140 million.

The local company has a track record mostly in the tourism industry in Chinese cities such as Shanghai, Xi’an and Xiamen.

In a statement today (Aug 28), receiver Ferrier Hodgson said that it will continue to run the business until the transfer of the assets has been completed, which will take two to three months.

Executive Chairman of Straco Corp Wu Hsioh Kwang said: “The Singapore Flyer is a defining Singapore attraction and represents an exciting opportunity to expand our presence in the region and contribute to the Singapore tourism industry. As a Singaporean company, we are especially proud to add this unique icon to our portfolio of high-quality assets.”