SingPost acquires additional 37% stake in Australian subsidiary for $161.4m

The acquisition will increase SingPost’s stake to 88%.

Singapore Post Limited (SingPost) acquired an additional 37% stake in Freight Management Holdings, a 4th party logistics service provider in Australia, for $161.4m (A$175.4m).

Following the acquisition, SingPost’s stake in FMH will increase from 51% to 88%.

“The strategic acquisition of FMH is a key move in strengthening the SingPost Group in the overseas logistics space. FMH has performed strongly since our initial investment and is a key growth driver in the Group’s Logistics business,” Vincent Phang, SingPost Group CEO, said.

In a bourse filing, SingPost said it will fund the acquisition through its cash reserves and available bank loan facilities.

As of 30 September 2022, SingPost’s cash reserves amounted to $435.8 million.

Apart from FMH, SingPost’s other businesses in Australia include CouriersPlease, a first- and last-mile delivery courier network.

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