ComfortDelGro disposes its insurance business Down Under

Its subsidiary, Swan Taxi, sold its 70% interest in a taxi insurance business for approximately $50,000.

In a release, ComfortDelGro Corporation Limited announced that its wholly-owned subsidiary, Swan Taxi Pty Ltd, has divested its 70% interest in its subsidiary, TIAIB (Western Australia) Pty Ltd, for a cash consideration of A$40k (approximately S$50k) based on the net asset value of the Subsidiary.

The above disposal is not expected to have any material impact on the net tangible assets per share and earnings per share of the ComfortDelGro Group for the year ending 31 December 2012.

None of the Directors of ComfortDelGro has an interest, direct or indirect, in the above transaction. As far as the Directors are aware, no controlling shareholder of ComfortDelGro has an interest, direct or indirect, in the above transaction.