Singapore Post in exclusive talks for Australia business sale
Singapore Post’s Australian business had posted a revenue of S$574.8 million in the half year ending Sept 30, up from S$398.8 million a year earlier
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SINGAPORE Post said on Tuesday (Nov 26) it was in exclusive talks with a third party for a potential sale of its Australia business, while stating that no definitive deal has been reached.
The company’s Australia segment includes fourth-party logistics services, third-party logistics solutions including transportation and distribution, and last-mile courier delivery, as well as warehousing services.
Singapore Post had embarked on a restructuring process in May 2023, in a bid to bring back capital returns to shareholders.
The company bolstered its Australian presence in 2021 by increasing its stake in Freight Management Holdings, a last-mile parcel delivery service.
Continuing its expansion over the next three years, the Alibaba-backed company notably acquired Border Express, a pallet and parcel distribution operator, for A$210 million (S$183.5 million) in November, further strengthening its position in the Australian logistics market.
Singapore Post’s Australian business had posted a revenue of S$574.8 million in the half year ending Sept 30, up from S$398.8 million a year earlier. REUTERS
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