SingPost – BT
SingPost unit buys 30% stake in ITL in Vietnam
SINGAPORE Post, which is striving to beef up its presence outside of Singapore, announced yesterday that its wholly owned subsidiary, Singapore Post Enterprise, is scooping up a 30 per cent stake in Vietnam-based Indo Trans Logistics Corporation (ITL) for US$10.8 million.
Established in 1999, ITL offers integrated logistics solutions with businesses in air and sea freight forwarding, third-party logistics solutions and distribution, and general sales agency for airlines. It has offices in the key cities in Vietnam.
‘This strategic investment in ITL … gives us a foothold into Vietnam and the Indochina region, which are emerging markets with significant logistics and related opportunities,’ said Wolfgang Baier, SingPost’s chief executive officer (international). ‘SingPost has stepped up its efforts to transform and grow and we have been actively pursuing growth beyond our mail business and expanding into the region.’
SingPost is keen to boost revenues from overseas and to diversify its portfolio with larger contributions from non-mail businesses such as logistics and e-commerce.
Last month, it bought the remaining 30 per cent in hybrid mail business DataPost from Oce NV for $6 million. Before that, SingPost already held a 70 per cent stake in DataPost.
Other acquisitions include Quantium Solutions, a mail-logistics solutions provider with operations in 10 Asia-Pacific countries, and a 27.08 per cent investment in Malaysia’s GDEX Express Carrier Berhad, an express carrier service provider which offers express delivery and customised logistics services.
And in 2009, it picked up a 30 per cent stake in Postea Inc, a US-incorporated technology company specialising in solutions for the postal and logistics industry.
Shares in SingPost closed at $1.15 yesterday, up one cent.