SingPost ups stake in Efficient ahead of Indonesian project
Singapore Post (SingPost) has upped its stake in Malaysia-based data processing company Efficient E-Solutions, as it eyes a joint venture with the firm in Indonesia. A Memorandum of Understanding (MoU) has been signed between the two companies, which see SingPost, through its wholly-owned subsidiary Singapore Post Private Limited, acquiring an additional 50m ordinary shares.
The latest investment totals RM 9.75m ($3.22m) and leaves SingPost with a 10.6% stake in the firm.
SingPost also revealed that it proposes to collaborate and co-operate with Efficient over the creation of a new data and document processing business in Indonesia.
A SingPost statement said the companies will “jointly invest in setting up of data and document management business operations in Indonesia; will jointly identify business opportunities relating to data and document management in such countries as may be mutually agreed in writing between parties; and may mutually agree to engage in discussions and negotiations with other potential investors and/or business partners in relation to the Proposed Collaboration”.
The Indonesian venture is the latest SingPost initiative aimed at increasing company earnings away from traditional revenue streams.
Earlier this month, the company launched Clout Shoppe, its new e-commerce portal.
“Clout Shoppe is positioned to serve the fast-growing market of discerning and internet-savvy consumers who appreciate value shopping for new luxury and designer goods without having to pay the high price,” a company statement said.
Clout Shoppe executive director Joanna Soh said: “With the backing of SingPost, we are confident that Clout Shoppe will be a leading player in the e-commerce space because of our brand assurance, logistics expertise and eclectic product mix.”
