Alibaba boosts Singapore Post stake, invest in e-commerce unit

UPPING ITS STAKE: Alibaba is currently the second largest shareholder in SingPost after Singapore Telecommunications.

SINGAPORE: Chinese e-commerce giant Alibaba Group Holding Ltd is investing about SG$279mil (RM784.83mil) to expand its holdings in Singapore Post Ltd (SingPost) and its e-commerce subsidiary, the two companies said in a statement. 

SingPost is seeking to boost its e-commerce business to offset weak postal revenues, and last year an Alibaba unit bought an over 10% stake in SingPost for US$249mil (RM950.25mil). 

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