SATS has announced that has jointly decided with Temasek not to proceed with the acquisition of Singapore Cruise Centre, as previously announced, due to what it called market developments in Asia.

Alex Hungate, president and CEO of SATS commented: “This announcement does not in any way alter SATS’ commitment to grow our successful operations at the Marina Bay Cruise Centre and to promote Singapore as a homeport, nor our ambition to pursue regional cruise opportunities. We remain confident about the prospects for the Asian cruise market and will continue to actively pursue value-creating opportunities to implement our strategy of growing scale and enhancing connectivity.”

Temasek, a government controlled enterprise, is the owner of the Singapore Cruise Center.