Alibaba to Buy 10.35% Stake in Singapore Post

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investormonkey alibabalogoBoth Alibaba and Singapore Post Ltd (SGX: S08) had announced on Wednesday that the Chinese e-commerce giant will buy a 10.35% stake in Singapore Post for S$312.50 million (US$249 million) as part of a strategic cooperation deal.

Both companies has also signed a memorandum of understanding (MoU) to discuss a joint venture in the global logistic business, particularly in Southeast Asia.

Mr Lim Ho Kee, chairman of Singapore Post, expressed that the company “will benefit from Alibaba’s expertise in e-commerce, technology and business volumes”, while Daniel Zhang, chief operating officer of Alibaba, hopes to “leverage SingPost’s strong delivery networks and end-to-end e-commerce logistics”.

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