SingPost shareholders vote overwhelmingly in favour of A$1 billion sale of Australian business
If the group does not have any compelling opportunities, the board will probably choose to return the money to shareholders, says its chairman Simon Israel
[SINGAPORE] Singapore Post (SingPost) shareholders on Thursday (Mar 13) voted in favour of the sale of the Australian logistics business Freight Management Holdings (FMH).
Of the shareholders who voted at the extraordinary general meeting, 99.9 per cent supported the divestment, which is material in terms of the deal value, as well as the contributions that the Australian unit has been making to the group.
The sale of the business – at an enterprise value of A$1 billion (S$856.5 million) – to Australian private equity firm Pacific Equity Partners will reap A$775.9 million in gross proceeds and a capital gain of about S$289.5 million.
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