SingPost shares climb 4.6% after Alibaba deal approved

Singapore

NEWS that Chinese e-commerce titan Alibaba has gotten the green light from regulators to raise its stake in postal and e-commerce group Singapore Post gave a shot in the arm on Friday to the counter, which had been in the doldrums after a series of corporate governance issues were unearthed at its board earlier this year.

SingPost shares were among the most heavily traded in the local market, coming in third on the actives list for the session with 28.4 million shares changing hands. The counter rose as much as 6.5 per cent or 10 Singapore cents to S$1.62 in early trading, but eased to end the day at S$1.59, up 7 cents or 4.6 per cent from the previous close.