Stocks to watch: SingPost, EuroSports

THE following companies saw new developments that may affect trading of their securities on Thursday (Jan 12):

Singapore Post (SingPost): The postal service provider is planning to acquire an additional 37 per cent stake in fourth-party logistics service company Freight Management Holdings based in Victoria, Melbourne for A$175.4 million (S$161.1 million) in cash. This will bring SingPost’s total stake in the company from 51 per cent to 88 per cent upon completion of the transaction. With the acquisition, SingPost can strengthen its logistics presence overseas and offer technology-led integrated business-to-business and business-to-consumer logistics solutions in Australia. SingPost closed 1.9 per cent or S$0.01 lower at S$0.52 on Wednesday after the news.

EuroSports Global : The Catalist-listed group’s electric vehicle brand Scorpio Electric has raised about US$6.8 million to develop, test and manufacture prototypes of its first electric motorcycle. Mass production and global deliveries are scheduled to start in the second half of 2023, it announced on Thursday. EuroSports shares ended unmoved at S$0.20 on Wednesday.