Singapore Post in exclusive talks for Australia business sale (updated)

Singapore Post

26/11/2024 10:57

(Updates with background paragraph 2 onward)
       Nov 26 (Reuters) - Singapore Post Ltd  SPOS.SI  said on
Tuesday it was in exclusive talks with a third party for a
potential sale of its Australia business, while stating that no
definitive deal has been reached.
    The company's Australia segment includes fourth-party
logistics services, third-party logistics solutions including
transportation and distribution, and last-mile courier delivery,
as well as warehousing services.
    Singapore Post had initiated a strategic review of the Group
and its portfolio of businesses in May 2023.
    SingPost had posted a revenue of S$574.8 million ($426.9
million) from its Australian business in the half year ending
Sept 30.
    Shares of the company were up 0.9% at S$0.555 as of 1050
GMT.
    
($1 = 1.3465 Singapore dollars)

 (Reporting by Roshan Thomas in Bengaluru; Editing by Shailesh
Kuber)
 ((Roshan.Thomas@thomsonreuters.com;))