HANGZHOU - China's Alibaba Group will take over a 10.35 percent stake in Singapore Post Ltd. (SingPost) with an investment of 249 million US dollars, according to an agreement between the two sides.
According to the agreement signed on Wednesday, Alibaba will use the money to buy 30 million existing ordinary shares held in treasury by SingPost and 190,096 million new ordinary shares, a 10.35 percent stake in SingPost.
The latest move by Alibaba comes after it filed IPO documents with the US Securities and Exchange Commission (SEC) on May 7.
SingPost is a leading provider of e-commerce logistics solutions in southeast Asia. The company's e-commerce wing accounts for 26 percent of its total revenue.
The two companies will establish a platform for international e-commerce logistics, providing Alibaba access to SingPost's international logistics capabilities, infrastructure, and delivery networks. They will also discuss a joint venture in the following few months.
"We hope the collaboration will provide better logistics solutions for both our buyers and sellers worldwide," said Zhang Yong, the COO of Alibaba.
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