Alibaba will buy a 10.35% stake in SingPost, thus making Alibaba the second majority shareholder in SingPost, after Singapore Telecommunications, whose stake will fall to about 23% from 26%.
Founded in 1999, Alibaba is responsible for Tmall.com, AliExpress, Alibaba.com and Alipay. The company is preparing for an IPO in the US is valued at nearly USD 170 billion and is expected to be valued at USD 250 billion after it starts trading.
In recent news, Alibaba has signed a memorandum of understanding (MOU) with the government of France in order to create export opportunities for French businesses seeking to sell online in China via Alibaba’s platform Tmall, evigo.com reports.
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