Alibaba buys SingPost stake, talks JV setup
Print Edition
CHINA’S largest e-commerce company Alibaba Group will invest US$249 million for a 10.4 percent stake in Singapore Post, and the two companies aim to leverage each other’s strength to serve the growing number of vendors and shoppers on Alibaba’s platform.
Singapore Post, also known as SingPost, will sell 30 million treasury shares to Alibaba and issue 190 million new shares, according to a joint statement yesterday.
The partners will continue to talk in the next few months about the setting up of a joint venture to explore “e-commerce opportunities in Southeast Asia and beyond by providing greater access to SingPost’s international logistics capabilities, infrastructure and delivery networks as well as end-to-end solutions to Alibaba Group customers and merchants,” the statement said.
Alibaba Chief Operating Officer Daniel Zhang said the deal allows Alibaba to “leverage Singapore Post’s strong delivery networks and end-to-end e-commerce logistics solutions to facilitate international e-commerce.”
Hangzhou-based Alibaba has been investing in several Internet-related sectors such as logistics and online video streaming ahead of an initial public offering in the US later this year.
Last year, it invested US$206 million in ShopRunner, a US delivery logistics group. It also set up Cainiao Network Technology Co last year.
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