SingPost appoints Merrill Lynch’s BofA Securities as financial advisor for strategic review

Singapore Post (SingPost) has appointed Merrill Lynch (Singapore) Pte. Ltd. (BofA Securities) to act as its exclusive financial advisor in connection with a strategic review of the SingPost Group.

SingPost first reported that its Board had initiated a strategic review of the Group’s portfolio of businesses when it presented its FY2023 full year results in May.

In a statement issued last week, SingPost confirmed that the review will “focus on transitioning the Group to a logistics business over time” and, as part of that strategy, the review will “identify potential businesses or assets which are non-core or which are not expected to earn a return above their cost of capital”.

SingPost said that: “This could lead to possible divestments and capital recycling to support further investments in logistics.”

However, the company added that: “There is no assurance that SingPost will implement any of the options identified through the strategic review. If and when there are any material developments which warrant disclosure, SingPost will, in compliance with applicable rules, make further announcements as appropriate.”