Singapore’s stock exchange (SGX) has given a go ahead to the Chinese eCommerce giant, Alibaba Group to raise its stake in Singapore Post (SingPost).
As Alibaba’s second SingPost investment, it will raise its stake from 10.2 to 14.4 per cent.
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.
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.