Debt threat: SMRT to fall into a net debt position this year

Blame it on its S$500m capex bill.

Here's more from CIMB:

After enjoying a net cash position for the past few years, we expect the group to slip into a net debt position this financial year as it gears up to fund its S$500m capex bill. Of this $500m, half will go towards the funding of new trains, 22% has been budgeted for its taxi business, 17% for buses, and the remainder will be used to fund its asset renewal plan, where costs are being borne by LTA and SMRT. Details of the cost-sharing scheme are still being negotiated.

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