SingPost unit to dispose of stake in indirect associated company

SINGAPORE Post announced on Thursday that its wholly-owned subsidiary Singapore Post Enterprise will be selling almost 20 million of its shares in Indo Trans Logistics Corporation for S$38.3 million to Su Misura.

Upon completion of the sale, SingPost will no longer directly or indirectly own any shares in Indo Trans Logistics Corporation.

Net profit attributable to the sale shares disposed compared with SingPost Group's net profits was 3.2 per cent.

The sale is not expected to have a material effect on the net tangible assets or earnings per share of the company for the financial year ending Mar 31, 2019.