Singpost Jumps 2.8%; Singpost's Subsidiary to Become Sole Shareholder in Quantum Solutions International

MT Newswires

04-17

Singapore Post's (SGX:S08) subsidiary, SingPost Logistics Enterprise, entered into a deed of undertaking with Alibaba Investment (AIL), a subsidiary of Alibaba Group (HKG:9988), to cease its shareholding in Quantum Solutions International (QSI), according to a Wednesday filing with the Singapore Exchange.

The cessation of JV will end the company's joint venture with Alibaba Group in QSI, which will be executed through a selective capital reduction exercise.

Following the completion of the exercise, QSI will become a wholly owned subsidiary of the company, while the consideration payable to AIL will be SG$36.9 million.

Singpost jumps 2.8% at 2:27 pm, Apr 17th.

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