It purchased 17.91% of Shenzhen 4PX Information Technology.
The Postman bolsters its eCommerce business beyond the shores of the city state as it purchases 17.91% of equity in Shenzhen 4PX Information Technology for $36m.
According to a statement by Singapore Post, under the deal, SingPost increases its equity interest in 4PX from 18% to 35.91% through the purchase of vendor shares (for RMB 113.16 million or about S$25 million) as well as new shares (for RMB 50 million or about S$11 million).
“The capabilities that 4PX offers its customers include logistics (warehousing, express delivery and freight forwarding) as well as software and consulting services for eCommerce sellers,” SingPost said.
Goh Hui Ling, deputy CEO of SingPost said the boosted investment in 4PX, due to the firm’s extensive logistics capabilities in warehousing, express delivery and freight forwarding, is a key part of SingPost’s strategy to strengthen its integrated end-to-end eCommerce logistics solutions and to leverage on the rapid growth in China’s eCommerce activities.
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