New owner considers merging operations of Hong Kong’s Citybus, New World First Bus after streamlining unified management team
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The new owner of one of Hong Kong’s largest franchised bus groups is considering merging the operations of its two subsidiaries – Citybus and New World First Bus (NWFB) – amid heavy losses that have persisted despite a recent fare increase, the Post has learned.
However, as the two firms are bound by the terms and conditions of three government franchises, a staff union said any proposed merger would only be possible in 2023 through discussions about renewing two of those agreements that expire that year. The third runs out in 2026.
The Transport Department confirmed to the Post that both bus companies had indicated their intention to renew the franchises.
“The government will handle these to-be-expired franchises in due course to ensure that public bus services will continue to be provided for the travelling public,” a spokeswoman said.
A consortium led by the private equity fund Templewater Bravo bought the two bus firms from infrastructure company NWS Holdings last October for HK$3.2 billion (US$412 million).
