Alibaba buys extra 5% in Singapore Post
Print Edition
ALIBABA said it will buy an extra 5 percent of Singapore Post Ltd for US$138 million to boost its stake to 14.5 percent as it aims to further boost its cross-border logistics capabilities, said a joint statement.
In May 2014, Alibaba bought 10.2 percent of Singapore Post for US$249 million.
Alibaba will also invest US$67.9 million for a 34 percent stake in Quantium Solutions International, a SingPost subsidiary that provides e-commerce logistics across the Asia-Pacific.
“We’ll work with Singapore Post more closely on logistics solutions for cross-border e-commerce merchants,” said Daniel Zhang, CEO of Alibaba Group.
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