Sing Post expands in Australia
Singapore Post (Sing Post) is increasing its existing shareholding in Freight Management Holdings (FMH), Victoria, Australia, from 38%, acquired in 2020, to 51%.
With this move, the company with its three divisions - fourth-party logistics (4PL), technology, and transport and warehousing - will become a subsidiary of Sing Post, which, in addition, has entered into an agreement granting FMH an option to acquire 100% of Sing Post’s shareholding in Couriers, a last-mile parcel delivery with nationwide coverage in Australia. The transaction is subject to regulatory and shareholder approvals.
The agreement underlines Sing Post’s intention to build a second home market in Australia and continue its focus to becom a major e-commerce logistics provider in Asia Pacific. FMH is operative for about 21 years, with an annual profit of approximately AUD 26.1 million (USD 25.8 million). (sh)