{"id":21500,"date":"2025-04-16T20:17:20","date_gmt":"2025-04-16T13:17:20","guid":{"rendered":"https:\/\/thaipropertynews.com\/feeds\/?p=21500"},"modified":"2025-04-16T20:17:20","modified_gmt":"2025-04-16T13:17:20","slug":"singpost-unwinds-qsi-minority-cross-shareholdings","status":"publish","type":"post","link":"https:\/\/thaipropertynews.com\/feeds\/?p=21500","title":{"rendered":"SingPost Unwinds QSI Minority Cross-Shareholdings"},"content":{"rendered":"<table border=\"0\" cellspacing=\"10\" cellpadding=\"5\" align=\"right\">\n<tbody>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mma.prnasia.com\/media2\/2419115\/SingPost_Logo.jpg?p=medium600\" border=\"0\" alt=\"\" title=\"logo\" hspace=\"0\" vspace=\"0\" width=\"118\" \/><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul type=\"disc\">\n<li>Mutually-agreed exercise of options with Alibaba in line with previously agreed terms<\/li>\n<li>Transaction results in expected cash inflow of approximately <span class=\"xn-money\">S$55.86 million<\/span><\/li>\n<li>Based on the valuation of QSI<sup><\/sup><sup>[1]<\/sup>, there is an indication of potential goodwill impairment of up to <span class=\"xn-money\">S$77.86 million<\/span><\/li>\n<\/ul>\n<p><span class=\"legendSpanClass\"><span class=\"xn-location\">SINGAPORE<\/span><\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">April 16, 2025<\/span><\/span> \/PRNewswire\/ &#8212; Singapore Post Limited (&#8220;SingPost&#8221;) today announced the mutually agreed unwinding of cross-holdings with Alibaba Group Holding Limited (&#8220;Alibaba&#8221;) based on previously agreed terms.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\">\n<\/div>\n<p>Based on an agreement dated <span class=\"xn-chron\">20 January 2023<\/span>, SingPost and Alibaba will mutually exercise options to unwind respective minority cross-shareholdings in <span class=\"xn-location\">Shenzhen<\/span> 4PX Information and Technology Co,. Ltd. (&#8220;4PX&#8221;) and Quantium Solutions International Pte. Ltd. (&#8220;QSI&#8221;).<\/p>\n<p>&#8220;The execution of this agreement enables the efficient unwinding of our cross-holdings, allowing SingPost to simplify our investment portfolios, and pursue strategic objectives,&#8221; said <span class=\"xn-person\">Simon Israel<\/span>, Chairman of the Board, SingPost.<\/p>\n<p>QSI is majority-owned by SingPost (66 per cent) with Alibaba holding a minority stake (34 per cent). QSI, in turn, holds a 17.61 per cent stake in 4PX, a majority-owned subsidiary of Alibaba&#8217;s logistics arm, Cainiao.<\/p>\n<p>Under a deed of undertaking (&#8220;DoU&#8221;) in accordance with previously agreed terms<sup><\/sup><sup>[2]<\/sup>, SingPost will acquire full ownership of QSI while Alibaba&#8217;s logistics arm, Cainiao, increases its stake in 4PX.\u00a0<\/p>\n<p>Cainiao will acquire QSI&#8217;s 17.61 per cent stake in 4PX for approximately <span class=\"xn-money\">S$92.75 million<\/span><sup><\/sup><sup>[3]<\/sup>. Concurrently, a capital reduction<sup><\/sup><sup>[4]<\/sup> in QSI will see Alibaba&#8217;s shares cancelled. SingPost will pay Alibaba <span class=\"xn-money\">S$36.89 million<\/span> for their 34 per cent stake in QSI<sup><\/sup><sup>[5]<\/sup>. The payment amount is based on a fair value assessment by KPMG as of <span class=\"xn-chron\">30 September 2024<\/span>, which valued QSI at approximately <span class=\"xn-money\">S$108.5 million<\/span>.<\/p>\n<p>SingPost anticipates receiving a cash inflow of approximately <span class=\"xn-money\">S$55.86 million<\/span><sup><\/sup><sup>[6]<\/sup> from this transaction. In connection with the valuation<sup><\/sup><sup>[7]<\/sup>,\u00a0there is an indication of impairment on the goodwill amounting up to <span class=\"xn-money\">S$77.86 million<\/span> carried on the investment in QSI. Any such impairment will be recognised and disclosed in the Company&#8217;s full year results currently scheduled for release on 15 May 2025.\u00a0<\/p>\n<p><b>About Singapore Post Limited (SingPost)<\/b><\/p>\n<p>Singapore Post (&#8220;SingPost&#8221;) is a leading postal and eCommerce logistics provider in <span class=\"xn-location\">Asia Pacific<\/span>. The portfolio of businesses spans from national and international postal services to warehousing and fulfilment, international freight forwarding and last mile delivery, serving customers in more than 220 global destinations. Headquartered in <span class=\"xn-location\">Singapore<\/span>, SingPost has approximately 3,000 employees, with presence in 14 markets worldwide. Since its inception in 1858, the Group has evolved and innovated to bring about best-in-class integrated logistics solutions and services, making every delivery count for people and planet.<a href=\"http:\/\/www.singpost.com\/\" target=\"_blank\" rel=\"nofollow\">\u00a0<\/a><u><a href=\"http:\/\/www.singpost.com\/\" target=\"_blank\" rel=\"nofollow\">www.singpost.com<\/a><\/u><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[1]<\/sup>\u00a0\u00a0The valuation refers to the KPMG valuation report as of 30 September 2024, which valued QSI at approximately S$108.5 million.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[2]<\/sup>\u00a0SingPost (20 January 2023) &#8216;Proposed dilution and potential disposal of interest in Shenzhen 4PX Information and Technology Co., Limited&#8217;, (20 January 2023) linked <u><a href=\"https:\/\/links.sgx.com\/1.0.0\/corporate-announcements\/NAEWV6AOL2Z37TXM\/8167a74394fe75d44bb410fd9ed7eea3f3e2496dcb0487ba3ce36927436\" target=\"_blank\" class=\"prnews_a\" rel=\"nofollow\">here<\/a><\/u>.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[3]<\/sup>\u00a0Amount is RMB515.27 million, assuming a CNH to SGD FX rate of 0.18.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[4]<\/sup>\u00a0If the selective capital reduction exercise fails, as defined in the DoU, there is a fall-back plan to ensure the joint venture ends.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[5]<\/sup>\u00a0See Footnote 1<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[6]<\/sup>This is based on the sum paid by Cainiao for QSI&#8217;s stake in 4PX (approximately S$92.75), minus the value of QSI shares owned by Alibaba as assessed by KPMG at S$36.89 million.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[7]<\/sup>\u00a0See Footnote 1<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>\u00a0<\/p>","protected":false},"excerpt":{"rendered":"<p><!-- wp:html --><\/p>\n<table border=\"0\" cellspacing=\"10\" cellpadding=\"5\" align=\"right\">\n<tbody>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mma.prnasia.com\/media2\/2419115\/SingPost_Logo.jpg?p=medium600\" border=\"0\" alt=\"\" title=\"logo\" hspace=\"0\" vspace=\"0\" width=\"118\" \/><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul type=\"disc\">\n<li>Mutually-agreed exercise of options with Alibaba in line with previously agreed terms<\/li>\n<li>Transaction results in expected cash inflow of approximately <span class=\"xn-money\">S$55.86 million<\/span><\/li>\n<li>Based on the valuation of QSI<sup><\/sup><sup>[1]<\/sup>, there is an indication of potential goodwill impairment of up to <span class=\"xn-money\">S$77.86 million<\/span><\/li>\n<\/ul>\n<p><span class=\"legendSpanClass\"><span class=\"xn-location\">SINGAPORE<\/span><\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">April 16, 2025<\/span><\/span> \/PRNewswire\/ &#8212; Singapore Post Limited (&#8220;SingPost&#8221;) today announced the mutually agreed unwinding of cross-holdings with Alibaba Group Holding Limited (&#8220;Alibaba&#8221;) based on previously agreed terms.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\">\n<\/div>\n<p>Based on an agreement dated <span class=\"xn-chron\">20 January 2023<\/span>, SingPost and Alibaba will mutually exercise options to unwind respective minority cross-shareholdings in <span class=\"xn-location\">Shenzhen<\/span> 4PX Information and Technology Co,. Ltd. (&#8220;4PX&#8221;) and Quantium Solutions International Pte. Ltd. (&#8220;QSI&#8221;).<\/p>\n<p>&#8220;The execution of this agreement enables the efficient unwinding of our cross-holdings, allowing SingPost to simplify our investment portfolios, and pursue strategic objectives,&#8221; said <span class=\"xn-person\">Simon Israel<\/span>, Chairman of the Board, SingPost.<\/p>\n<p>QSI is majority-owned by SingPost (66 per cent) with Alibaba holding a minority stake (34 per cent). QSI, in turn, holds a 17.61 per cent stake in 4PX, a majority-owned subsidiary of Alibaba&#8217;s logistics arm, Cainiao.<\/p>\n<p>Under a deed of undertaking (&#8220;DoU&#8221;) in accordance with previously agreed terms<sup><\/sup><sup>[2]<\/sup>, SingPost will acquire full ownership of QSI while Alibaba&#8217;s logistics arm, Cainiao, increases its stake in 4PX.\u00a0<\/p>\n<p>Cainiao will acquire QSI&#8217;s 17.61 per cent stake in 4PX for approximately <span class=\"xn-money\">S$92.75 million<\/span><sup><\/sup><sup>[3]<\/sup>. Concurrently, a capital reduction<sup><\/sup><sup>[4]<\/sup> in QSI will see Alibaba&#8217;s shares cancelled. SingPost will pay Alibaba <span class=\"xn-money\">S$36.89 million<\/span> for their 34 per cent stake in QSI<sup><\/sup><sup>[5]<\/sup>. The payment amount is based on a fair value assessment by KPMG as of <span class=\"xn-chron\">30 September 2024<\/span>, which valued QSI at approximately <span class=\"xn-money\">S$108.5 million<\/span>.<\/p>\n<p>SingPost anticipates receiving a cash inflow of approximately <span class=\"xn-money\">S$55.86 million<\/span><sup><\/sup><sup>[6]<\/sup> from this transaction. In connection with the valuation<sup><\/sup><sup>[7]<\/sup>,\u00a0there is an indication of impairment on the goodwill amounting up to <span class=\"xn-money\">S$77.86 million<\/span> carried on the investment in QSI. Any such impairment will be recognised and disclosed in the Company&#8217;s full year results currently scheduled for release on 15 May 2025.\u00a0<\/p>\n<p><b>About Singapore Post Limited (SingPost)<\/b><\/p>\n<p>Singapore Post (&#8220;SingPost&#8221;) is a leading postal and eCommerce logistics provider in <span class=\"xn-location\">Asia Pacific<\/span>. The portfolio of businesses spans from national and international postal services to warehousing and fulfilment, international freight forwarding and last mile delivery, serving customers in more than 220 global destinations. Headquartered in <span class=\"xn-location\">Singapore<\/span>, SingPost has approximately 3,000 employees, with presence in 14 markets worldwide. Since its inception in 1858, the Group has evolved and innovated to bring about best-in-class integrated logistics solutions and services, making every delivery count for people and planet.<a href=\"http:\/\/www.singpost.com\/\" target=\"_blank\" rel=\"nofollow\">\u00a0<\/a><u><a href=\"http:\/\/www.singpost.com\/\" target=\"_blank\" rel=\"nofollow\">www.singpost.com<\/a><\/u><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[1]<\/sup>\u00a0\u00a0The valuation refers to the KPMG valuation report as of 30 September 2024, which valued QSI at approximately S$108.5 million.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[2]<\/sup>\u00a0SingPost (20 January 2023) &#8216;Proposed dilution and potential disposal of interest in Shenzhen 4PX Information and Technology Co., Limited&#8217;, (20 January 2023) linked <u><a href=\"https:\/\/links.sgx.com\/1.0.0\/corporate-announcements\/NAEWV6AOL2Z37TXM\/8167a74394fe75d44bb410fd9ed7eea3f3e2496dcb0487ba3ce36927436\" target=\"_blank\" class=\"prnews_a\" rel=\"nofollow\">here<\/a><\/u>.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[3]<\/sup>\u00a0Amount is RMB515.27 million, assuming a CNH to SGD FX rate of 0.18.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[4]<\/sup>\u00a0If the selective capital reduction exercise fails, as defined in the DoU, there is a fall-back plan to ensure the joint venture ends.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[5]<\/sup>\u00a0See Footnote 1<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[6]<\/sup>This is based on the sum paid by Cainiao for QSI&#8217;s stake in 4PX (approximately S$92.75), minus the value of QSI shares owned by Alibaba as assessed by KPMG at S$36.89 million.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>[7]<\/sup>\u00a0See Footnote 1<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>\u00a0<\/p>\n<p><!-- \/wp:html --><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[5,7],"tags":[],"class_list":["post-21500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cision-pr-newswire","category-cision-pr-newswire-en"],"_links":{"self":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts\/21500","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21500"}],"version-history":[{"count":0,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts\/21500\/revisions"}],"wp:attachment":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}