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Straits Times
23-07-2025
- Business
- Straits Times
SingPost shares up 1.6% after it sells freight forwarding business
Find out what's new on ST website and app. The move was part of SingPost's ongoing efforts to divest its non-core assets and businesses to recycle capital. SINGAPORE - Shares of Singapore Post a hit multi-year high in intra-day trading on July 23, the day after the company announced the divestment of its entire freight forwarding business. The move was part of SingPost's ongoing efforts to divest its non-core assets and businesses to recycle capital. It resulted in an estimated gain of $10.5 million on disposal and release of about $104 million in cash for the company. At the midday trading break, the counter was up 1.6 per cent, or one cent, to 65 cents, after rising to as high as 65.5 cents earlier. SingPost shares last closed above 65 cents in July 2022. SingPost announced on July 22 after the market closed that it sold its freight forwarding business conducted through Famous Holdings and Rotterdam Harbour Holding B.V, for approximately $177.9 million. Famous Holdings and its related businesses were sold to DP World Logistics FZE for about US$97.7 million (S$125 million). It operates in several countries such as Japan, Australia, New Zealand, the United Kingdom, Malaysia and Singapore. Meanwhile, SingPost's fully-owned subsidiary - SingPost eCommerce Logistics Holdings - sold its entire stake in Rotterdam Harbour Holding for around €35.7 million (S$52.4 million). SingPost said: 'The divestments further strengthen SingPost's financial position.' It added that specifically for Rotterdam Harbour Holding, its net asset value as at March 31, 2025, was $30 million, with a net profit before income tax and non-controlling interests of $15.9 million for the same period. SingPost said in May that its strategic review and restructuring are ongoing. In June, it put up for sale 10 Housing Board (HDB) shophouses currently occupied by its post office outlets across Singapore, with the aim of leasing them back. SingPost has 42 post offices, of which it owns 21. As part of its efforts to restructure, it also sold its Australian logistics business, Freight Management Holdings (FMH). SingPost completed the sale of FMH for A$1.02 billion (S$856 million) in March. Maybank analyst Jarick Seet said: 'I think the monetisation of assets will continue to be the key for share price performance for SingPost.' He added that it is also looking to sell its flagship retail-commercial mixed development SingPost Centre at Paya Lebar Central, but that he only expects that to happen in 2026. SingPost had said in 2024 that it is considering selling SingPost Centre, which it also identified as a non-core asset. The property was valued at $1.1 billion as at September 2023.
Straits Times
22-07-2025
- Business
- Straits Times
SingPost divests freight forwarding business Famous Holdings for $177.9 million
Find out what's new on ST website and app. The sale resulted in an estimated realised gain on disposal of $10.5 million and about $104 million in cash for the company, said the national postal service provider on July 22. SINGAPORE - Singapore Post (SingPost) has divested its entire freight forwarding business, Famous Holdings, for about $177.9 million. The sale resulted in an estimated realised gain on disposal of $10.5 million and about $104 million in cash for the company, said the national postal service provider on July 22. It noted that the sale was carried out in two parts. Supply chain solutions provider DP World Logistics FZE acquired the entire issued share capital of SingPost Logistics Investments' unit for about US$97.7 million (S$125 million). A consortium, which includes some of Famous Holdings' minority shareholders, acquired the entire issued and outstanding shares of Rotterdam Harbour Holding for about €35.7 million (S$52.4 million). Rotterdam Harbour Holding is a unit of SingPost eCommerce Logistics Holdings. The net asset value of Famous Holdings as at March 31 is about $176 million, including Rotterdam Harbour Holding, which was a subsidiary of Famous Holdings. Excluding Rotterdam Harbour Holding, the net asset value of Famous Holdings is $146 million as at end-March 2025. Rotterdam Harbour Holding's net asset value was $30 million as at March 31. 'This is a step in SingPost's strategy announced in March 2024, to divest non-core assets and businesses to recycle capital,' said Mr Simon Israel, SingPost's chairman. Top stories Swipe. Select. Stay informed. Singapore Two found dead after fire in Toa Payoh flat Singapore Singaporeans aged 21 to 59 can claim $600 SG60 vouchers from July 22 Singapore Singaporeans continue to hold world's most powerful passport in latest ranking Singapore Singapore, Vietnam agree to step up defence ties, dialogue among leaders Asia Malaysia govt's reform pledge tested as DAP chief bows over unresolved 2009 death of political aide Singapore Woman evacuated from lift in Supreme Court building after falling glass triggers emergency halt Singapore Prosecution says judge who acquitted duo of bribing ex-LTA official had copied defence arguments Singapore Ports and planes: The 2 Singapore firms helping to keep the world moving 'Following a comprehensive international sale process to explore various options for Famous Holdings, the board concluded that selling the business in two parts would secure the highest possible valuation.' The disposals are expected to benefit SingPost by monetising non-core assets, reducing financial liabilities and improving shareholder value. Proceeds from the sale will contribute to SingPost's cash balance.
Business Times
22-07-2025
- Business
- Business Times
SingPost divests freight forwarding business Famous Holdings for S$177.9 million
[SINGAPORE] Singapore Post ( SingPost ) has divested its entire freight forwarding business, Famous Holdings, for about S$177.9 million. The sale resulted in an estimated realised gain on disposal of S$10.5 million and about S$104 million in cash for the company, said the national postal service provider on Tuesday (Jul 22). It noted that the sale was carried out in two parts. Supply chain solutions provider DP World Logistics FZE acquired the entire issued share capital of SingPost Logistics Investments' unit for about US$97.7 million. A consortium, which includes some of Famous Holdings' minority shareholders, acquired the entire issued and outstanding shares of Rotterdam Harbour Holding for about 35.7 million euros (S$52.4 million). Rotterdam Harbour Holding is a unit of SingPost eCommerce Logistics Holdings. The net asset value of Famous Holdings as at Mar 31 is about S$176 million, including Rotterdam Harbour Holding, which was a subsidiary of Famous Holdings. Excluding Rotterdam Harbour Holding, the net asset value of Famous Holdings is S$146 million as at end-March 2025. Rotterdam Harbour Holding's net asset value was S$30 million as at Mar 31. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'This is a step in SingPost's strategy announced in March 2024, to divest non-core assets and businesses to recycle capital,' said Simon Israel, SingPost's chairman. 'Following a comprehensive international sale process to explore various options for Famous Holdings, the board concluded that selling the business in two parts would secure the highest possible valuation.' The disposals are expected to benefit SingPost by monetising non-core assets, reducing financial liabilities and improving shareholder value. Proceeds from the sale will contribute to SingPost's cash balance. Shares of SingPost ended Tuesday 0.8 per cent or S$0.005 lower at S$0.64.
