SINGAPORE - Transport group ComfortDelGro is looking to free up cash from its Australian divisions to invest in new businesses.
Chairman Lim Jit Poh said the move is “part of a strategic review of our businesses, and new focus on renewable energy”.
The Singapore-listed group said on Wednesday (May 12) that this could mean selling some assets or an initial public offering. The company would not elaborate.
ComfortDelGro is one of the largest private bus operators in Australia, with combined assets worth $1.17 billion. It operates public buses, private coaches, ambulances and taxis in the country. It is also involved in outdoor advertising operations. It owns several subsidiaries and regional companies, which together last year chalked up $608 million in revenue.
Said Mr Lim: “We have been looking at our global portfolio to see where we can unlock value for shareholders as well as investing in new technologies including electrification.”
ComfortDelGro said it would share more details “as they become material”.
The transport group currently operates in seven countries, including Singapore.
It first bought Sydney bus operator, the Westbus Group, in 2005 and now operates in six states and territories in Australia - New South Wales, Victoria, Western Australia, Canberra, Northern Territory and Queensland.
One of its subsidiaries is National Patient Transport, which is the largest private operator of non-emergency patient transport services in Australia.
It also owns ComfortDelGro Corporation Australia, which operates the Hillsbus and Forest Coach Lines in Sydney and services in the suburbs of Melbourne and other cities in the state of Victoria. In Queensland, ComfortDelGro Corporation Australia provides bus services that include services for those with special needs and school buses.
ComfortDelgro also currently operates in China, the United Kingdom, Ireland, Vietnam and Malaysia.
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