Singapore Post surges on plan to sell loss-making U.S. assets

Singapore Post

04/04/2019 03:03

** Shares of logistics and mail services provider Singapore
Post  SPOS.SI  rise as much as 6.5 pct to S$1.06, their highest
since October 23, 2018
    ** Co says it has commenced a sale process for its U.S.
e-commerce businesses Jagged Peak and TradeGlobal ; said
businesses had turned a loss in Q3  urn:newsml:reuters.com:*:nFWN21L0ME  urn:newsml:reuters.com:*:nSNZ6zd7sc
    ** SPOS, whose backers include e-commerce giant Alibaba
 BABA.N  and Singapore Telecommunications  STEL.SI , had also
warned of a further impairment in its U.S. assets
    ** OCBC had downgraded the stock in February on the
perceived downside from its U.S. assets
    ** SPOS posts its best intraday pct gain since February 2018
    ** More than 12 mln shares traded, compared with 30-day
average volume of 2.3 mln shares

 ((Ambar.Warrick@thomsonreuters.com; +91-80-6749-6625; Reuters
Messaging: ambar.warrick.thomsonreuters.com@reuters.net))