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SingPost Shareholders Approve Sale of Australian Logistics Business
March 17, 2025
Singapore Post (SingPost) shareholders overwhelmingly approved the sale of its Australian logistics business, Freight Management Holdings (FMH), to Pacific Equity Partners. The sale was supported by over 99% of shareholders, and is projected to generate approximately AUD 775.9mn (S$651mn) in gross proceeds and a profit of around S$289.5mn. This transaction values FMH at A$1.02bn (S$860mn). SingPost plans to allocate the proceeds to repay debts and distribute a special dividend. However, the sale has sparked concerns regarding SingPost’s future growth prospects, particularly given the challenges faced by its postal and logistics business. SingPost is undergoing restructuring, involving divesting non-core assets such as the SingPost Centre and Famous Holdings. It is also evaluating options for its international logistics business and investing in upgrades to its Tampines e-commerce logistics facility. Besides, SingPost is said to be working with the government to ensure the long-term financial viability of postal services, with a focus on optimization and digitalization.
SingPost’s bonds were trading stable with its 4.35% Perp at 100.38, yielding 4.16%.
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