Singapore Post sells pawn broking unit

Divestment will allow its resources to focus on other strategic opportunities like regional logistics and e-commerce.

Singapore Post Limited (“SingPost”) on Monday announced that it has entered into a Sale and Purchase (S&P) agreement to sell its pawn broking business operating under the brand name of SpeedCash to GL Group Pte Ltd (GL), subject to regulatory approvals.

Under the agreement, GL will take over the operations of all six SpeedCash outlets as a going concern, for a sum of S$1.1million, excluding the prevailing loan portfolio, the price of which will be determined at the completion of the sale transaction. GL is an entity of Peng Kwee Watches and Jewellery Pte Ltd which was SpeedCash’s partner in the valuation, pawning and retailing of branded second-hand watches, according to a SingPost report.

Existing SpeedCash customers will be notified about the change of owners and provided sufficient time to redeem their existing pledge tickets or to maintain their pawn status with the new owner.

Mr Ng Hin Lee, SingPost’s Chief Executive Officer (Postal and Corporate Services) and covering Group Chief Financial Officer said: “We constantly review our portfolio of businesses to ensure we are on track to achieve our strategic goals. This divestment enables us to align our resources to focus on other strategic opportunities eg regional logistics and e-commerce.”