Tony Briggs, Founder and Managing Director of Australia’s Coral Princess Cruises today announced that Kallang Capital Holdings, a Singaporean holding company, has made a substantial equity investment in Australia’s pioneering small ship cruise line.
The investment, which was part of a planned transition by Briggs and his wife Vicki, positions Coral Princess Cruises for future growth as they add to their existing range of pioneering cruising itineraries covering the Great Barrier Reef, Western Australia’s Kimberley, the South Pacific and South-East Asia.
Paul Chacko, Managing Director of Kallang Capital Holdings, said the opportunity to invest in the globally-recognised and respected operator was an exciting proposition. Outlining the future direction of the company, Chacko explained that the new shareholders intend to work with the management team to “build on Coral Princess’s 30 years of pioneering expedition cruising experience, uniquely-Australian ethos and highly professional product”.
Over the coming twelve months a raft of new initiatives to enhance the company’s fleet of three small-ships and product standards will be unveiled, commencing with a refurbishment of Coral Princess II. The upgrade of the 44-guest catamaran, which cruises the outer reaches of the Great Barrier Reef from Cairns, will be completed by February 2015. Improvements to the vessel include quieter, energy efficient engines and upgraded amenities including personal iPod docks in passenger cabins.
Coral Princess’s existing management team, led by Group General Manager Mark Fifield, will remain in charge of the Cairns-based operation as it progresses through an exciting growth phase. He said that it was “very much business as usual” and guests can expect the same high standards and memorable cruises for which Coral Princess is renowned. All existing trade relationships and commitments will continue unchanged.
Briggs, who founded Coral Princess Cruises in 1983 and remains a shareholder and board member, said “both Vicki and I are delighted that Kallang Capital Holdings, who share our vision for the future direction and growth of the company, have partnered with us to build on our history and ensure an exciting future for Coral Princess Cruises.”
Kallang Capital Holdings is a Singapore-domiciled investment holding company controlled by the founders of Primepartners Group (a long-standing Singaporean financial services group) and Paul Chacko, and represents the interests of several Singaporean family offices. It was set up to provide capital and management support to promising scaleable businesses in Singapore and across the region.
SOURCE Coral Princess Cruises