Alibaba to buy SingPost stake for ecommerce logistics business

Thursday 29 May 2014 10:29 CET | News

A unit of Chinese ecommerce platform Alibaba has revealed plans to buy a minority stake in Singapore Post (SingPost) for USD 249 million, in order to set up an international ecommerce logistics business.

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, AliExpress, 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, reports.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Alibaba, SingPost, ecommerce logistics, China, Singapore
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce

Industry Events