Singpost – BT
SingPost raises its stake in Malaysian firm
SINGAPORE Post Limited (SingPost) announced yesterday it has entered into a memorandum of understanding (MOU) with Malaysian company Efficient, and has acquired 50 million ordinary shares in Efficient through a private placement.
Efficient is primarily involved in providing integrated outsourcing solutions in data and document processing, and is listed on the main market of Bursa Malaysia.
The non-binding MOU marked the collaboration between the parties in the setting up of data and document management business operations in Indonesia.
In addition, SingPost and Efficient will jointly identify business opportunities, and may agree to engage in discussions and negotiations with other potential investors and/or business partners related to the collaboration.
SingPost, through its wholly owned subsidiary, Singapore Post Enterprise Private Limited, has also acquired the Efficient shares for an aggregate consideration of RM9.75 million (S$3.97 million).
This will see SingPost’s stake in Efficient rising to 71.24 million shares after the acquisition – up from 21.24 million shares prior to it.
Hence, SingPost now owns 10.06 per cent of the enlarged issued capital of Efficient.