Alibaba takes 5 pct more stake in Singapore Post for USD138 mln

BEIJING, July 8 (Greenpost) — Chinese e-commerce giant Alibaba Group announced on Wednesday an investment of 138 million US dollars for an additional 5 percent stake in Singapore Post Ltd. (SingPost) so as to boost its efficiency of cross-border e-commerce, according to a cnstock.com report.

Meanwhile, the group decided to cast 67.85 million US dollars to buy a 34 percent stake in a SingPost-owned logistics subsidiary.

Before the additional investment, Alibaba Group had taken a 10.35 percent stake in SingPost by purchasing 30 million of the company’s existing ordinary shares and 190.096 million new ordinary shares. Listed on the Singapore stock exchange, SingPost is Singapore’s designated postal carrier. Enditem

Source Xinhua

Editor Xuefei Chen Axelsson