SingPost’s proposed A$1b sale of Australian business ‘on track’, says buyer Pacific Equity Partners

THE proposed divestment by Singapore Post (SingPost) of its Australian logistics business is not affected by SingPost’s recent firing of its three senior executives, the buyer Pacific Equity Partners (PEP) told The Business Times on Tuesday (Dec 24).

The question of whether the transaction could be scuppered by the sacking that included group chief executive officer Vincent Phang has been raised since the announcement on their sudden exits.

A PEP spokesperson told BT in response to queries: “PEP can confirm that the proposed acquisition of Freight Management Holdings (FMH) is on track as announced on Dec 2.”