Date
23 July 2017
Alibaba is ploughing more than US$200 million to boost its stake in Singapore Post and also invest in an e-commerce subsidiary of the latter. Photo: Bloomberg
Alibaba is ploughing more than US$200 million to boost its stake in Singapore Post and also invest in an e-commerce subsidiary of the latter. Photo: Bloomberg

Alibaba to boost stake in Singapore Post

Alibaba Group is investing about S$279 million (US$206 million) to boost its holdings in Singapore Post (SingPost) and its e-commerce subsidiary, Reuters reported.

The Chinese firm, which acquired around 10 percent stake in SingPost last year, will expand its ownership by another 5 percent, in a deal worth S$187.1 million.

Alibaba will also invest up to S$92 million to buy 34 percent stake in Quantium Solutions, a SingPost unit that provides e-commerce logistics across the Asia Pacific, the report said, citing a joint statement by Alibaba and SingPost.

Alibaba is currently the second largest shareholder in SingPost after Singapore Telecommunications.

SingPost is seeking to boost its e-commerce business to offset weak postal revenues, the report noted.

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