SingPost strengthens presence in Hong Kong
Singapore Post (SingPost) has announced details of two recent investments which it says will “strengthen its eCommerce logistics presence in Hong Kong and establish an integrated ecosystem for parcel deliveries across multiple channels”. In a statement issued today (28 August), SingPost announced that it has a bought a 33% stake in Morning Express & Logistics Ltd for HKD39.6m (about SGD7.1m) from Morning Express & Logistics Holdings Ltd (ME Holdings). SingPost said that this will give it “tangible eCommerce logistics and last-mile delivery capability in Hong Kong”.
SingPost also reported that it has take a 50% stake in E Link Station Ltd (ELink) for HKD8.0m (about SGD1.4m). SingPost said that ELink has “a rapidly expanding network of self-collection parcel service points”.
SingPost made both transactions through its subsidiary Quantium Solutions Holdings Pte. Ltd.
The agreements were signed today and the acquisitions will be funded by cash from SingPost’s internal resources.
Commenting on the new investments, Dr Wolfgang Baier, Group CEO of SingPost, said: “Hong Kong, being a gateway to China, is a priority market for SingPost and a node in our pan-Asian network through which we serve our customers and partners.
“Morning Express gives us a strong last-mile and parcels capability in Hong Kong and extends our ecommerce value chain there, adding on to our warehousing, freight forwarding and front-end eCommerce. As a company, Morning Express has 28 years in the logistics business and they are led by a professional management whose thinking is remarkably similar to ours.
“ELink, on the other hand, is an extension of how we approach parcel deliveries elsewhere in many parts of the world – that is, we give customers flexibility through multiple channels that include locker storage and redemption centres”
