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SINGAPORE Post (SingPost) is teaming up with Indonesian mobile phone retailer Trikomsel to develop an e-commerce business in Indonesia.
SingPost and Trikomsel will form a joint venture, with the Singapore mail carrier taking a 33 per cent stake for US$1.1 million and Tricomsel the remaining 67 per cent.
The joint venture will import and supply goods to e-commerce and online retailers, as well as provide support for creating e-commerce platforms.
"Indonesia is expected to become the third-largest consumer base in the world, after China and India, and the seventh-largest economy worldwide," SingPost chief executive Wolfgang Baier said in a statement. "As the regional enabler of e-commerce, it is crucial for us to find the right partners in emerging markets. Trikomsel has a broad retail distribution reach and will provide access to convenient pick-up locations across the country."
SingPost shares last traded at S$1.96 on March 6.