SingPost to buy stake in Australia fourth-party logistics service firm for A$85m
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POSTAL service provider Singapore Post (SingPost) is looking to buy a 38 per cent stake in Freight Management Holdings (FMH), a fourth-party logistics (4PL) service company incorporated in Victoria, Australia for A$85 million (S$84.1 million) in cash.
SingPost's wholly-owned subsidiary SingPost Logistics Holdings on Oct 16 entered into a conditional sale and purchase agreement with existing shareholders of FMH, as well as a share subscription agreement with FMH for the stake purchase, SingPost said in a bourse filing on Monday morning. There is also a call option for SingPost to buy additional FMH shares that could give it a majority stake in the firm.
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