SingPost acquires stake in G3 Worldwide Aspac
SingPost has announced that it has acquired the remaining 50% stake in G3 Worldwide Aspac (G3AP).
The move will give SingPost a platform to strengthen its position, while TNT and Royal Mail will fully own the joint venture G3 WorldWide Mail.
G3AP has an established network with presence in 10 countries/territories. It provides cross-border mail services as well as other value-added services including letter shopping, data management and printing, mailroom management, freight logistics, warehousing, fulfillment and international distribution and hand delivery.
Wilson Tan, CEO of SingPost, said: “This move is in line with SingPost’s growth strategy of regional expansion. Acquiring full control of G3AP gives us a ready vehicle to expand into the region. It enables us to strengthen and extend our core competency in mail and logistics. We will be able to leverage on synergies within the SingPost group and enhance our value chain to benefit our customers in the region.”