Singapore Post (SingPost) has completed the acquisition of M J Luff, an Australian-owned interstate transport and distribution company for A$120 million ($106 million).
The acquisition of 100% of M J Luff’s shares was made through SingPost’s wholly-owned subsidiary, Freight Management Holdings, who entered into a share sale agreement (SSA) with M J Luff’s vendors and sale beneficiaries. M J Luff’s total issued share capital comprises 200 ordinary shares and 212 preference shares.
The acquisition was first announced last November, as SingPost's broader bid to focus more on its overseas logistics business as its original core business of domestic comes under structural decline.
As at 4.32pm, shares in SingPost are trading flat at 39.5 cents.
