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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