SingPost to divest loss-making US subsidiaries amid strategic review

SINGAPORE (April 4): Singapore Post Limited (SingPost) has announced its intentions to sell its controlling stakes in US e-commerce businesses, Jagged Peak and Trade Global, as part of its strategic review.

In filing on Wednesday night, the postage and e-commerce company says it believes its strengths and strategic competitive advantages lie in the Southeast Asia and Asia Pacific region which provides “attractive growth opportunities”.

Saying it will make further announcements on the exit from the US e-commerce markets, the group adds that its non-US business units will not be affected by the divestment.

---

Related Stories

• Alibaba anoints new chief in revamp of stalling commerce arm
• SingPost reports FY2024 earnings of $78.3 mil, 217.4% higher y-o-y on exceptional gain
• SingPost completes acquisition of Australia’s M J Luff for $106 mil

---