SingPost quits US e-commerce businesses

It believes it has more advantage in Southeast Asia and the Asia Pacific regions.

Singapore Post Limited will commence a sale process of Jagged Peak and TradeGlobal, following a strategic review of its US e-commerce businesses, an announcement revealed.

SingPost said it believes its strengths and strategic competitive advantages are in Southeast Asia and Asia Pacific, which provides attractive growth opportunities.

“SingPost will make further announcements as appropriate on the exit. SingPost’s non-U.S. business units will not be affected by the divestment,” said Paul Coutts, group CEO of SingPost.

Also read: SingPost's turnaround may take three years as US losses widen

This wouldn’t come as a surprise to analysts after a poll showed that SingPost could shut down or sell its loss-making US e-commerce business. A potential divestment or shuttering of the business will bode well for SingPost’s long-term profitability, according to four analysts covering the stock. Two brokers including CLSA Ltd. have factored in benefits from a possible transaction in their earnings estimates.

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