SMRT Corporation is a multi modal transport operator in Singapore. A subsidiary of the Government of Singapore's Temasek Holdings, it was established on 6 August 1987 and listed on the Singapore Exchange from 26 July 2000 until 31 October 2016. It operates bus, rail, taxi and other public and private transport services. In is involved in leasing advertising and commercial spaces within the transport network it operates, as well as in engaging operations and maintenance services, project management and engineering consultancy in Singapore and overseas.
On 7 November 1987, the Mass Rapid Transit Corporation commenced operating services on Singapore's first Mass Rapid Transit section, consisting of five stations from Yio Chu Kang to Toa Payoh. On 1 September 1995, MRTC, along with Roads & Transportation Division of the Public Works Department and Land Transportation Division of the Ministry of Communications, merged to form the Land Transport Authority. The operations of the MRT system were regrouped under SMRT Limited, as a private state-owned company owned by the government's investment arm Temasek Holdings.
Privatisation
In 1998, ownership of the rail assets encompassing the operation of the MRT system network were transferred to SMRT Limited. The process was executed under a License and Operating Agreement, which stated the maintenance obligation of SMRT Limited covering the infrastructures and assets of the transit system. On 26 July 2000, SMRT Limited was listed on the Singapore Exchange as SMRT Corporation, with Temasek Holdings selling 33% of its shares. In July 2001, SMRT launched a takeover bid for Trans-Island Bus Services that was accepted. The transaction was completed in December 2001, with TIBS being operated as a wholly owned subsidiary. As part of a corporate rebranding programme, TIBS was rebranded as SMRT Buses in May 2004.
Nationalisation
In September 2016, Temasek Holdings completed a successful takeover bid for the 46% of SMRT that it did not own which resulted in SMRT being delisted from the Singapore Exchange and returning to government control. All its train operating assets were sold to the government under the Land Transport Authority's new Rail Financing Framework. The bus operating assests were also sold to the government under Land Transport Authority's Being asset light will allow SMRT to focus on the operational reliability of the public transport system and its business ventures overseas. The buy-out was approved by the High Court of Singapore and the last day of trading of SMRT shares was 18 October 2016.
Operations
SMRT's primary business is providing public-transport services in Singapore, with operations in the following :
SMRT Buses – a fleet of up to 1,200 buses, serving majority in housing estates in northern and north-western Singapore.
SMRT Taxis – a fleet of over 3,500 taxis, 3 different vehicle models of standard and limousine taxis including 30 London Taxis.
From 1 October 2016, the Land Transport Authority assumed all the current assets from SMRT under a new rail financing framework that allows the company to focus on its operational reliability.
