Chinese e-commerce giant Alibaba buys 10% stake in SingPost
Chinese e-commerce giant Alibaba Group has invested the equivalent of nearly $250m US dollars in Singapore’s national postal service to take a 10.35% stake in the company.
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SingPost acquisitions led to 25% turnover increase last year
Singapore Post achieved a 24.6% growth in its revenue in its latest financial year on the backs of acquisitions and the soaring popularity of e-commerce.
Read MoreSingPost to transfer Clout Shoppe to e-commerce partner Reebonz
SingPost said today that luxury online goods retailer Reebonz will take over its e-commerce retail business Clout Shoppe, to allow it to focus efforts more on the fulfillment and logistics business.
Read MoreSingPost benefiting from acquisitions, as business shifts towards e-commerce
Singapore Post is generating considerably more revenue from non-postal business this year, as its traditional mail activities come under increasing pressure.
Read MoreSingPost to acquire self-storage business
Singapore Post is expanding its self-storage business with the acquisition of the locally-based Lock+Store company for S$37m ($30.2m USD).
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