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See!. SingPost is also moving up to hit $0.555 just a minute ago...

SINGAPORE – SingPost is looking to acquire an additional 37% stake in Freight Management Holdings (FMH), a 4th-party logistics service company incorporated in Victoria, Australia, for A$175.4 million (S$161 million) in cash.
This will bring SingPost’s total stake in FMH from 51% currently to 88 per cent upon completion of the transaction. SingPost said exercise periods for subsequent offers to buy granted to FMH vendors will be advanced, and evergreen call options will be granted for the remaining 12% stake as a pathway to full ownership.

SingPost to raise stake in Australian logistics firm to 88% in $161m deal

新邮政中心（Singpost Centre）、新加坡邮政中心（Singapore Post Centre）外观。

SingPost’s cash reserves amounted to $435.8 million as at Sept 30, 2022. LIANHE ZAOBAO News. UPDATED Nov 25, 2024.

SINGAPORE – Singapore Post is looking to acquire an additional 37% stake in Freight Management Holdings (FMH), a 4th-party logistics service company incorporated in Victoria, Australia, for 4A$175.4 mil (S$161 mil) in cash.
This will bring SingPost’s total stake in FMH from 51 per cent currently to 88 per cent upon completion of the transaction.

SingPost said exercise periods for subsequent offers to buy granted to FMH vendors will be advanced, and evergreen call options will be granted for the remaining 12 per cent stake as a pathway to full ownership. “The strategic acquisition of FMH is a key move in strengthening the SingPost group in the overseas logistics space,” said SingPost group chief executive Vincent Phang. “FMH has performed strongly since our initial investment and is a key growth driver in the group’s logistics business.”

Besides FMH, SingPost also owns CouriersPlease, a first- and last-mile delivery courier network covering 90 per cent of Australia’s population.

SingPost said its latest acquisition gives it access to FMH’s digitally enabled logistics capabilities and, with its last-mile delivery network in Couriers allows offer technology-led, integrated business-to-business and business-to-consumer logistics solutions in the Australian market.

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SingPost has appointed Isaac Mah as group chief financial officer (CFO) effective Jan 22. Mah was previously group Australia business, Freight Management Holdings CFO. Mah will relocate to S'pore & take guidance from chairman of board, Simon Israel. Mah appointment as group CFO was first announced on Dec 22 in accordance with SingPost succession plan. As on Jan 2, Ms Neo Su Yin is also appointed as group COO, a newly created role overseeing group S'pore & international business units and property.

This follows the Parcel scandal that SingPost has been embroiled in. The company fired three top executives, former group CEO Vincent Phang, group CFO Vincent Yik, and Li Yu, head of the group international business unit (IBU) over their  grossly negligent manner in which they handled a whistle-blower report & subsequent probes.

Mah has 197,360 unvested restricted share awards granted under S'pore Post Restricted Share Plan 2013. Mah has been with SingPost since 2019, when he was appointed Head of Strategic Investments and Investor Relations.

SingPost group chief executive Vincent Phang. “FMH has performed strongly since our initial investment and is a key growth driver in the group’s logistics business.” this's news in from ST.
https://www.straitstimes.com/business/si...-161m-deal

Noted in latest news: The company fired three top executives, former group CEO Vincent Phang, group CFO Vincent Yik, and Li Yu, head of the group international business unit (IBU) over their  grossly negligent manner in which they handled a whistle-blower report & subsequent probes.

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Latest news from SingPost: SingPost's CEO for its Singapore business, Mr Shahrin Abdol Salam, has resigned after less than a year in the role. SingPost confirmed this on Monday (Feb 3) in response to CNA's queries, saying Mr Shahrin made the decision "He wish to pursue opportunities outside the company".
https://www.channelnewsasia.com/singapor...ns-4912636