Chinese ecommerce firm Alibaba will buy a 10.35 percent stake in Singapore Post for $249 million for expanding its presence in the Asia Pacific region and also to establish a global logistics business in ecommerce, according to a leading daily.
The media report mentions that the deal will make Alibaba the second biggest stakeholder in Singapore’s national service provider, the SingPost. Singapore Telecommunications, which holds around 26 percent stake in SingPost will then be left with around 23 percent stake in Singapore Post.
By 2020, the estimated e-commerce sales in Asia Pacific are likely to touch over $1 trillion mark. Alibaba invested $364 m in Haier Electronics last year for a JV in logistics.
