SingPost sells stake in DataPost for S$39.3 million

SingPost on Friday said it has sold a 90 per cent stake in DataPost Pte Ltd (DataPost) to Jing King Tech Solutions Ptd Ltd for about S$39.3 million.

"These divestments support SingPost's strategy to focus on growing its e-commerce related businesses in the region," the company said in a press statement.

"The proceeds will go towards building its capability as a regional leader in ecommerce logistics - as it continues to onboard new e-commerce customers and expand volumes with existing ones - a business which now constitutes about 28 per cent of the group revenue."

Last month, it divested its whole stake in Novation Solutions Limited (Novation) and DataPost (HK) Pte Limited (DataPost (HK)) for S$24.4 million.

SingPost is expected to record an estimated gain of more than S$30 million from the three divestments.