Melco secures ferry ticket deal with Shun Tak

HK-listed Melco International Development Ltd has reached a deal with a subsidiary of the Shun Tak Group to allow Melco to buy ferry tickets at a discount of five percent.

In a filing to the Hong Kong Stock Exchange on Friday, the deal takes effect from October 7, 2016 to December 31, 2018.

There are also annual caps for the discounts that Melco can obtain, which is HK$8 million ($1 million) for 2016, HK$41 million for 2017 and HK$45 million for 2018.

More specifically, the deal has been made with Shun Tak-China Travel Shipping Investments Limited (STCTS), which operates TurboJET.

“As part of the privileges offered to eligible customers, the MCE Group set up ticket terminals in its hotels and gaming areas allowing its eligible customers to directly redeem and print complimentary ferry ticketing services on site. Eligible customers may redeem the tickets from either operator based upon their preferences, normally taking into account the scheduling and arriving ports. As such, the company considers that the entering into of the Ferry Ticket Sales Framework Agreement and any related implementation agreements is beneficial to the group,” said the company in its filing.