China’s Alibaba Group Holding Ltd is set to invest over S$279 million in Singapore Post Ltd (SingPost) to strengthen its foothold in Singapore.
Last year too, an Alibaba unit bought an over 10% stake in SingPost for $249 million. In the latest deal, Alibaba has declared that it would buy an additional 5% stake in SingPost for S$187.1 million.
Also, Alibaba will be investing up to S$92 million to buy a 34 % stake in Quantium Solutions International, a SingPost subsidiary that provides eCommerce logistics across the Asia Pacific.
Alibaba is currently the second largest shareholder in SingPost after Singapore Telecommunications SingPost shares were up 1.32 %in early trade after the announcement, outperforming a largely flat market, reports Reuters.