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SingPost gets nod for Alibaba to raise stake to 14.4%
CHINESE e-commerce giant Alibaba's proposal to raise its stake in postal and e-commerce company Singapore Post from 10.2 per cent to 14.4 per cent is set to go through after all, following multiple delays.
The Info-communications Media Development Authority has given the go-ahead for the deal, SingPost said in a Singapore Exchange filing on Thursday evening.
It said that Alibaba's further investment of S$187.1 million into SingPost was targeted to be completed by Feb 28, 2017.