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Alibaba to make investment in Singapore Post e-commerce arm

Chinese e-commerce giant Alibaba Group is investing about S$279 million ($205.98 million) to expand its holdings in Singapore Post and its e-commerce subsidiary, the two companies said in a statement. SingPost is seeking to boost its e-commerce business to offset weak postal revenues, and last year an Alibaba unit bought an over 10% stake in SingPost for $249 million.

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DQChannels Bureau
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Alibaba to make investment in Singapore Post e-commerce arm

Chinese e-commerce giant Alibaba Group is investing about S$279 million ($205.98 million) to expand its holdings in Singapore Post and its e-commerce subsidiary, the two companies said. SingPost is seeking to boost its e-commerce business to offset weak postal revenues, and last year an Alibaba unit bought an over 10% stake in SingPost for $249 million.

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Alibaba said it was buying an additional 5% stake in SingPost for S$187.1 million. Alibaba will also invest up to S$92 million to buy a 34% stake in Quantium Solutions International, a SingPost subsidiary that provides e-commerce logistics across the Asia Pacific.

Alibaba is currently the second largest shareholder in SingPost after Singapore Telecommunications.