In brief

Singapore Post acquires NZ freight forwarder

SINGAPORE Post has acquired a 90 per cent stake in Famous Pacific Shipping (NZ) Limited, a New Zealand-based firm focusing primarily on sea and air freight forwarding together with customs clearance for inbound and outbound shipments from New Zealand, for an initial consideration of NZ$3.6 million (S$3.71 million) and certain debts owing by FPSNZ to the vendors. A potential earn-out consideration of effectively up to NZ$4.4 million based on the adjusted actual net profit of FPSNZ may also become payable, potentially bringing the total consideration up to NZ$8 million.

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