Singapore Post Limited (SingPost) has agreed to sell 11.1% of its 23.3% stake in Malaysia-listed GD Express Carrier Bhd, to Yamato Asia Pte. Ltd., a wholly-owned subsidiary of Japan's leading logistics and express services provider Yamato Holdings Co., Ltd., for S$78.4 million (US$55.1 million).

In a statement, SingPost said that it will use the proceeds of the sale to further invest in its e-commerce logistics operations across the region including its e-commerce logistics warehousing
capabilities in Malaysia through its regional logistics arm Quantium Solutions.
"The group will continue growing its networks in all Southeast Asia markets. As the group has interlinked systems with GDEX, it will continue to be an important last mile delivery partner for
SingPost's one stop integrated eCommerce logistics offering," the statement added.
SingPost is expected to post a net gain of approximately S$64 million after deducting the net asset value of the sale shares, professional fees, advisory fees and associated costs.
Yamato eyes more GDEX shares
Meanwhile, Yamato said it plans to increase its stake in GDEX to 23% by buying more shares from other shareholders. Although it didn't specify which shareholders it is courting, GDEX’s group CEO
and managing director Teong Teck Lean currently holds a 43% stake in GDEX, while the next two largest shareholders are SingPost with a 11.1% stake (following the completion of the sale to Yamato)
and Bank Julius Baer & Co Ltd with a 10.05% stake.
Yamato Transport Malaysia offers parcel delivery services, under the brand name TA-Q-BIN, in Malaysia. It also provides chilled and frozen parcel delivery services, known as Cool TA-Q-BIN, as
well as cash-on-delivery services, TA-Q-BIN Collect.
GDEX’s core business is express delivery, in which the conventional business-to-business segment contributed 80% of its revenue last year, while the fast-growing e-commerce segment contributed
the remaining 20%. GDEX had also ventured into logistics services in financial year 2012.
Nol van Fenema
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