The story
SMRT Trains Limited was incorporated as the rail subsidiary arm of the parent company SMRT Corporation, to oversee rail operations brought over from the previously state-owned Mass Rapid Transit Corporation (MRTC).
Mass Rapid Transit Corporation (MRTC)
The Singapore MRT Limited was incorporated on 6 August 1987, and signed the licence and operating agreement (LOA) with MRTC, a government-run corporation till 1997. On 7 November 1987, MRTC began operations on Singapore's first MRT segment, comprising five stations from Yio Chu Kang to Toa Payoh. Following the merger of MRTC into the Land Transport Authority (LTA) on 1 September 1995, a statutory board, MRTC's operational functions were transferred to SMRT Corporation, a private company de jure but remained state-owned through Temasek. On 1998, the light rail operation on the Bukit Panjang LRT line was formed and was called Singapore LRT Limited. On 31 December 2001, both Singapore MRT Limited and Singapore LRT Limited were merged into the present name, SMRT Trains.
Transition to New Rail Financing Framework (NRFF)
On 15 July 2016, SMRT Trains and its subsidiary SMRT Light Rail concluded discussions on the transition of the North–South and East–West lines (NSEWL), the Circle Line (CCL) and the Bukit Panjang LRT (BPLRT) to the New Rail Financing Framework (NRFF). The framework, announced by the Government in 2008 under the Land Transport Master-plan, was introduced as an enhancement to the 1996 Rail Financing Framework, and was first implemented for the Downtown Line (DTL) under SBS Transit in 2011. SMRT transited to a 15-year contract under the new framework from 1 October 2016, with the transfer of ownership of all its rail assets at a net value of $1.06 billion to the government. With that, the MRT network was semi re-nationalised.
From Wikipedia’s article on SMRT Trains, shared under CC BY-SA 4.0.3
