Alibaba strengthens tie-up with SingPost
Chinese e-commerce giant boosting its stakes in SingPost and unit through US$206.45m initiatives
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Angela Tan
Singapore
CHINESE e-commerce giant Alibaba will inject a further US$206.45 million into Singapore Post via a slew of initiatives which could add significant growth momentum to its regional logistics network expansion.
As part of this investment, Alibaba - which had invested US$249 million for a 10.35 per cent stake in SingPost last year, making it the second largest shareholder after SingTel - will inject US$138.6 million to buy about 107.55 million new SingPost shares, representing 5 per cent of its existing share capital. On completion, Alibaba's deemed interest on a fully diluted basis in SingPost will rise to 14.51 per cent from 10.23 per cent. The acquisition is subject to approvals from the Info-Communications Development Authority of Singapore (IDA) and SingPost's shareholders.
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