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Alibaba cuts stake in SingPost via $33.3m deal
Alibaba’s interest in the company is now down to 11.34% from 14.56% previously.
Chinese e-commerce titan Alibaba reduced its stake in postal service provider Singapore Post through an off-market transaction with an undisclosed party.
In a disclosure Friday, SingPost said Alibaba sold that day 72.5 million shares in the company for a total of $33.3m, equivalent to $0.46 per share.
The move sees the tech giant’s shareholding in the Singaporean postal service provider declining from 14.56% to 11.34%. Despite this, Alibaba continues to be a substantial shareholder of SingPost.
In March, SingPost unveiled a five-pronged growth strategy to unlock shareholder value and boost growth over the next three years.
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