SingPost unit buys 80% of Dutch firm for S$12.6m

SINGAPORE Post said on Wednesday that its subsidiary, Famous Holdings Pte Ltd, has bought an 80 per cent stake in Rotterdam Harbour Holding BV (FPS Rotterdam) for S$12.6 million.

FPS, which provides personnel, facilities as well as information and communications technology services for companies in Rotterdam harbour, is now an indirect subsidiary of SingPost.

For the year ended Dec 31, 2014, FPS's net asset value stood at about S$4 million.

The postal group said an additional S$5.4 million may be paid if certain performance targets are achieved. The stake was bought from Etc Etcetera Beheer BV and Rubus Beheer BV.