13th Sep 2005 07:05
Stagecoach Group PLC13 September 2005 Stagecoach Group plc 13 September 2005 Megabus.com Scotland / Motorvator/ Scottish Citylink joint venture Stagecoach Group plc ("Stagecoach") is pleased to announce the creation of a newjoint venture that will operate the Scottish services of Stagecoach'smegabus.com and Motorvator, and ComfortDelGro's Scottish Citylink. On 12 September 2005, Stagecoach acquired 35% of the share capital of ScottishCitylink Limited ("Citylink") in return for transferring certain rights to theMotorvator and megabus.com operations in Scotland. ComfortDelGro owns theremaining 65% of Citylink's share capital. The new joint venture will operate services under the megabus.com and ScottishCitylink brands, and will be the leading provider of express coach services inScotland. The joint venture is expected to have annual revenues of approximately£18 million. Megabus.com services outside of Scotland will not form part of the jointventure, except for cross-border services between Scotland and England. Brian Souter, Stagecoach Group Chief Executive, commented: "Megabus.com andScottish Citylink are two powerful brands in Scotland, which have built up aloyal base of customers in different inter-city travel markets. This new jointventure will allow us to develop the quality of our products and offer an evenbetter range of excellent value travel options for our customers. "We remain committed to offering passengers a wide choice of services and faresto suit their individual needs. We believe the new venture will make ourcollective operations more efficient, putting us in an excellent position toattract more people away from their cars and onto our inter-city services." ComfortDelGro Managing Director and Group CEO, Mr Kua Hong Pak, said: "We arepleased to be entering into this agreement with Stagecoach. By working togetherand leveraging on our two strong brands we will be able to operate moreefficiently, improve the quality of our services and focus our efforts onjointly growing our business." - ENDS - CONTACTS: Telephone Stagecoach Group plcMartin Griffiths, Finance Director 01738 442 111Steven Stewart, Head of Media & Public AffairsEmail: [email protected] 01738 442 111 ComfortDelGro CorporationTammy Tan, Group Corporate Communications OfficerEmail: [email protected] (00 65) 6383-8021/9683-0732 SmithfieldJohn Kiely 020 7360 4900 NOTES TO EDITORS Stagecoach Group Stagecoach Group is a leading international passenger transport provider, withoperations in the UK, United States, Canada and New Zealand. The company has30,000 employees and operates 13,000 buses, coaches, trains, trams and ferries.Headquartered in Perth, Scotland, the company was founded in 1980 and is listedon the London Stock Exchange. Megabus.com Megabus.com is the UK's market-leading low-cost inter-city coach service,offering fares starting from £1. In Scotland, the company operates serviceslinking Aberdeen, Dundee, Edinburgh, Glasgow, Inverness and Perth. Megabus.comservices between Edinburgh and Glasgow are operated under the Motorvator brand. ComfortDelGro ComfortDelGro is the world's second largest land transport company with a totalfleet size of more than 38,700 buses, taxis and rental vehicles. Headquarteredin Singapore, the Group also has operations in China, the United Kingdom,Ireland, Australia, Vietnam and Malaysia. Currently, overseas ventures accountfor 37% of Group revenue. The Group intends to derive half of its total revenuefrom abroad in the next four to six years. Scottish CitylinkScottish Citylink is Scotland's leading provider of express coach services. Eachyear, its fleet of blue and yellow coaches transports over 3 million passengersto more than 200 destinations in Scotland. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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