Singapore state-linked investment giant Temasek Holdings said on Wednesday it would take full ownership of embattled public transport operator SMRT Corp in a deal worth $1.18 billion ($869 million).
Temasek's offer to buy the 46 percent of SMRT shares it does not already own follows public criticism of the operator for a series of service disruptions in recent years.
Both companies said in a joint statement that SMRT would be delisted after the takeover is completed.
The statement said "privatisation will provide SMRT with greater flexibility to focus on its primary role of delivering safe and high-quality rail service, without short term pressures of being a listed company".