10 Feb '11, 1pm

SingPost acquires local start-up

SINGAPORE : Singapore Post has acquired a local start-up as part of its strategy to grow its e-commerce business. In a filing with the Singapore Exchange, SingPost said it would buy 95 per cent of the issued share capital of SuperToken. The deal, which is worth about S$204,000, was arrived at a willing buyer willing seller basis. It is more than six times the net asset value of the company, which stood at S$33,700 as of end-2010, based on unaudited accounts. The proposed investment is expected to be completed by February 15, which will then see SuperToken become a subsidiary of SingPost. SuperToken specialises in the provision of online shopping platforms and services. Internet users can take part in surveys on its website in return for shopping vouchers that can be used at online stores like Amazon and Asos.

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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