Singapore Post (SingPost), a wholly owned unit of Singapore Telecommunications Ltd, said yesterday it has received approval from the Singapore Exchange for a mainboard listing. News indicating the imminent listing of SingPost has been coming in at regular intervals over the last few months. A terse statement from SingTel said that the SingPost divestment is the result of a strategic review of its assets.
Read MoreSingapore Telecommunications may spin off or sell a stake in its post office arm, Singapore Post, next year, said SingPost Chief Executive William Tan.
However, Mr Tan says the timing of the stake sale may be affected by the performance of the stock market.
Read MoreSingapore Posts postal service SingPost has bought the remaining 29% in dropbox firm First Cube, making it the sole owner of the company. SinPost paid about S$474,000 for the stake and said the acquisition would allow it to integrate First Cubes infrastructure operations into its own business.
Read MoreSINGTEL has invited investment bankers to submit proposals on listing its subsidiary Singapore Post (SingPost), among other options, but no decision has yet been made.
In a statement to the Singapore Exchange (SGX), SingTel said that it had, on an ongoing basis, carried out strategic reviews of its subsidiaries.
These included SingPost which is involved in postal, telecom and agency services.
‘There are ongoing discussions with investment bankers on the various options. However, no decision has been made,’ said SingTel.
It said it would make an announcement ‘when appropriate’.
Singapore Telecom may soon float its postal arm Singapore Post – in what could be the biggest local public float in recent times after port operator PSA Corporation and Singapore Power decided to delay their listings.
SingTel will conduct a beauty parade tomorrow for advisers on strategic options and the planned divestiture and listing of SingPost, which according to one investment banker is one of the world’s most profitable postal services.
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