Alibaba Group raising stake in SingPost
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Chinese eCommerce giant Alibaba Group has been given the go-ahead by Singapore’s stock exchange (SGX) to raise its stake in Singapore Post (SingPost).
Alibaba Investment, a subsidiary of Alibaba Group Holding, has received in-principle approval from the bourse for the listing and quotation of about 107.6 million new shares in SingPost, says the postal group said in a filing.
This is subject to compliance with SGX listing requirements, and SingPost shareholder approval.
Shareholders will be sent a circular with details of the proposed share issuance, and notice of a related extraordinary general meeting.
The deal aims to be completed by the end of February.
As Alibaba’s second SingPost investment, it will raise its stake from 10.2 to 14.4 per cent.
Questions & Answers
Q.What is the primary purpose of Alibaba Group's increased investment in SingPost?
What is the primary purpose of Alibaba Group's increased investment in SingPost?
The article states this is Alibaba’s second investment in SingPost, raising its stake. While the specific strategic purpose isn't detailed, it aims to increase Alibaba's ownership from 10.2 to 14.4 per cent.
Q.Which entity within Alibaba is directly involved in this share acquisition?
Which entity within Alibaba is directly involved in this share acquisition?
Alibaba Investment, a subsidiary of Alibaba Group Holding, is the entity directly involved. It received in-principle approval for the listing and quotation of new shares in SingPost from the SGX.
Q.What steps remain before Alibaba's increased stake in SingPost is finalised?
What steps remain before Alibaba's increased stake in SingPost is finalised?
The deal requires compliance with SGX listing requirements and approval from SingPost shareholders. Shareholders will receive a circular and notice for an extraordinary general meeting to vote on the proposed share issuance.
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