SingPost shareholders greenlight share placement to Alibaba

Singapore

SHAREHOLDERS of Singapore Post gave the nod to a S$187.1 million share placement to Chinese e-commerce giant Alibaba at an extraordinary general meeting (EGM) on Thursday, in proceedings that were far shorter and calmer than last year's annual general meeting (AGM).

The EGM, held in a large auditorium at Suntec convention centre, still drew nearly the same number of attendees as the AGM, but lasted only about 40 minutes.

Shareholders overwhelmingly approved the placement, which will raise Alibaba's stake in …