Singpost gap up to a high of $1.625 today with a very pleased news below. The range and the collections before the rampant up was so concise and clear cut that the accumulation was dead obvious.
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Alibaba’s second investment in Singpost approved; completes Quantium JV
By Benjamin Cher / theedgemarkets.com.sg | October 27, 2016 : 7:31 PM MYT
SINGAPORE (Oct 27): The Infocomm Media Development Authority of Singapore has finally given Alibaba the go-ahead to increase its stake Singpost for the second time from 10.2% to 14.4%.
(See also: Has SingPost-Alibaba JV hit a snag?)
(See also: Alibaba to raise stake in SingPost to 14.51% with $187.1 million share acquisition)
Alibaba’s further investment of $187.1 million is expected to be completed in Feb 2017, subject to approval from shareholders and the Singapore Exchange for the new shares, says Singpost in its aftermarket filing.
Meanwhile, Singpost also announced that Alibaba has completed its $86.2 million investment for a 34% stake in subsidiary Quantium Solutions International (QSI). Singpost will hold the remaining 66%.
The JV currently operates in 11 markets providing e-commerce solutions including warehousing, fulfilment and last-mile delivery. This will make Singpost a strategic logistics partner for Alibaba in South-east Asia.
“The completion of the QSI joint venture underscores the deepening relationship and commitment between both companies to build a leading e-commerce logistics platform together across the region,” says Simon Israel, Chairman, Singpost.
“Both Alibaba and Singpost are confident in the long-term value of collaborating to serve the region’s fast rising e-commerce logistics needs,” he adds.
Shares in Singpost closed 1 cent higher at $1.52.
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Ronald K - Market Psychologist - A Stock Market Opportunist
