Updated: 08/29/2014 02:45

Straco buys Singapore Flyer for $140m

Straco buys Singapore Flyer for $140m

A buyer has been found for the Singapore Flyer which has been in receivership since May last year. 

Straco Leisure, a unit of mainboard-listed tourism company, Straco, has agreed to buy the tourist attraction for $140 million in cash. 

In a statement to the singapore Exchange, Straco said the acquisition "represents an expansion of the group's core tourism related business." 

Straco is behind well-known tourist attractions in China such as the Shanghai Ocean Aquarium and Underwater World Xiamen. 

It was tipped as the Singapore Flyer's new owner earlier this week.

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