SingPost divests 90% stake in DataPost

Singapore Post (SingPost) has entered into a sale and purchase agreement with Jing King Tech Solutions to dispose its 90 per cent stake in DataPost for approximately S$39.3 million (US$29.5 million).


Singapore Post (SingPost) has entered into a sale and purchase agreement with Jing King Tech Solutions to dispose its 90 per cent stake in DataPost for approximately S$39.3 million (US$29.5 million). This is on the back of another divestment that SingPost made in May of its whole stake in Novation Solutions and DataPost Hong Kong for S$24.4 million. DataPost, together with Novation and DataPost (HK) in Hong Kong, is engaged in full-service security printing, document management and transactional mail printing services.

The company says that it is selling off stakes in the more traditional forms of the postal service business to support the group’s long-term transformation strategy to grow its e-commerce related business in the region. E-commerce logistics is now accounting for close to 30 per cent of the group’s revenue. SingPost recently acquired a 30 per cent acquired a 30 percent stake in Australian e-commerce firm Hubbed Holdings for some A$4.3 million (US$3.26 million).