Global Yellow Pages reveals new arm, Singapore River Explorer

Initial, paid-up capital is S$2.

According to a release, the Board of Directors of Global Yellow Pages Limited announced that the Company has formed a joint venture company with Leisure Empire Pte Ltd, known as Singapore River Explorer Pte. Ltd. to operate the Singapore River Water Taxis project which was awarded by Urban Redevelopment Authority to a consortium led by the Company.

The initial issued and paid-up capital of SRE is S$2 comprising 2 ordinary shares to be held on a 50-50 basis by the Company and Leisure Empire Pte Ltd.

The consortium has been awarded the tender for a tenure of 3 years with an option to renew for 2 further terms of 3 years each by URA to operate water transportation services and to use and operate boat landing points that are required to implement water transportation services in Marina Reservoir, which will commence on 1 January 2013.