The commitments put forward previously do not properly address earlier identified concerns, says CCS
[SINGAPORE] The Competition and Consumer Commission of Singapore (CCS) has commenced an in-depth review of SUTL Enterprise’s proposed S$40 million acquisition of Marina at Keppel Bay (MKB).
SUTL said in a bourse filing on Thursday (Jul 23) that its wholly owned subsidiary One15 Marina KB and Keppel Bay, MKB’s current owner, have also agreed to defer their long stop date to Jan 4, 2027, from Jul 31, 2026.
The second phase of CCS’ review, announced on Thursday, follows its rejection of SUTL’s initial proposed commitments to address competition concerns.
CCS noted that the marina developer and operator’s proposed commitments on May 11 “did not appropriately address the competition concerns earlier identified”.
The competition watchdog had earlier flagged concerns over SUTL’s proposed purchase of MKB from Keppel Bay, including how a tie-up would leave the combined entity holding a significant market share post-merger.
Separately, The Business Times previously spoke with yacht charter operators who said that the acquisition would give SUTL the ability to raise prices, which could increase cost pressures for an industry already under strain.
Mainboard-listed SUTL said in December that the acquisition was planned to be completed in the second half of 2026, after which the 166-berth marina would be renamed One°15 Marina Keppel Bay.
The purchase would make SUTL the largest owner-operator of integrated marinas in Singapore, as it already owns and operates One°15 Marina Sentosa Cove.
CCS noted that it would decide whether to issue a favourable or unfavourable decision on the proposed transaction upon the completion of this review.
Shares of SUTL ended on Thursday at S$0.92, up 0.5 per cent or S$0.005, before the update.
