Singapore Post (SingPost) has divested its entire freight forwarding business conducted through Famous Holdings Pte Ltd (FHPL) and Rotterdam Harbour Holding B.V. (RHH), for approximately $177.9 million.

This latest sale follows SingPost’s divestment of its Australia logistics business, Freight Management Holdings in March for A$1.02 billion.

SingPost says that the sale has been carried out in two parts to separate buyers, the first has been sold to DP World Logistics FZE for around US$97.7 million ($125.5 million), while the other has been acquired by a consortium that includes some of Famous Holdings’ minority shareholders for about EUR35.7 million ($52.4 million)

This results in an estimated gain of $10.5 million on disposal and release of about $104.0 million in cash for the company.

The group says that the proceeds from the sale would contribute to SingPost’s cash balance, the use of which shall be determined by the board based on the funding needs of the company.