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SingPost's loss-making Indian e-commerce logistics unit under liquidation
THE India unit of Quantium Solutions (QS), the e-commerce logistics business of Singapore Post (SingPost), has been placed under voluntary liquidation, the mainboard-listed firm announced in a Tuesday bourse filing.
The Business Times understands that the 66 per cent indirect subsidiary of SingPost, Quantium Mail Logistics Solutions (India), had been loss-making. Following a 2019 strategic review of QS' operations, a decision was made to shut down the India unit and pivot to other core Asia-Pacific markets.
QS India had offered a range of e-commerce logistics services, such as warehousing, mailroom operations, cross-border and last-mile delivery services. SingPost does not expect its liquidation to have a material impact on its financial showing for the year ending March 2021.
Shares of SingPost closed at S$0.72 on Tuesday, up 0.7 per cent.