07 Jun '11, 11am

SingPost to acquire stake in Indo Trans Logistics

SINGAPORE : Singapore Post has said it will acquire a 30 per cent stake in Indo Trans Logistics Corporation (ITL) for US$10.8 million. The deal will be made through its wholly-owned subsidiary, Singapore Post Enterprise, and the acquisition is expected to help the firm gain a foothold in the Vietnam and the Indo-China region. ITL is a Vietnamese firm that offers integrated logistics solutions. It has air and sea freight forwarding, third-party logistics solutions and distribution, and a general sales agency for airlines. It started operations in 1999 and has offices in key cities in Vietnam. "SingPost has stepped up its efforts to transform and grow, and we have been actively pursuing growth beyond our mail business and expanding into the region," said Dr Wolfgang Baier, SingPost's chief executive officer (International). He added: "We want to grow our overseas revenue and...

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

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