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Hot stock: SingPost surges 5% on regulatory nod for Alibaba to up stake
SHARES OF Singapore Post (SingPost) surged 5 per cent on Friday morning after the Info-communications Media Development Authority gave the nod for Chinese e-commerce giant Alibaba to raise its stake in the postal and logistics firm.
SingPost shares were trading around S$1.595 each, up 7.5 Singapore cents, or 5 per cent at 09.47am. Almost 17 million shares changed hands.
The go-ahead for Alibaba to raise its stake in SingPost from 10.2 per cent to 14.4 per cent will make it the second largest shareholder after Singtel.
Alibaba's further investment of S$187.1 million in the group is targeted to be completed by Feb 28, 2017.