SingPost on expansion track in fast-growing Australia market with latest acquisition
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Tay Peck Gek
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SINGAPORE Post (SingPost) expects to eventually acquire the remaining 12 per cent of Freight Management Holdings (FMH), giving it full ownership of the crown jewel in its Australia venture. Expansion in Australia is helping to make up for the lack of growth opportunities in Singapore, as the postal services provider transforms into an international logistics player.
SingPost recently announced it will raise its stake in FMH to 88 per cent for A$175.4 million (S$163.7 million). The deal is expected to be completed in early 2023, funded by cash reserves and bank lending.
SingPost first acquired a 28 per cent interest in the Australian logistics player in 2020, then increased its shareholding to 51 per cent in 2021.
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