SingPost Strengthens its Regional Logistics Business with Acquisition of NZ-Based Freight-Forwarding Company
Singapore, 14 January 2015 - SingPost, the regional leader in e-commerce logistics and trusted communications, today announced that it has acquired a 90% stake in Famous Pacific Shipping (NZ) Limited (FPSNZ) through its subsidiary Famous Holdings Pte Ltd. Famous Holdings Pte Ltd has paid an initial consideration of NZD3.6 million for the stake (subject to working capital adjustments) and certain debts owing by FPSNZ to the vendors. A potential earn-out consideration of effectively up to NZD4.4 million based on the adjusted actual net profit after tax of FPSNZ may also become payable, potentially bringing the total consideration up to NZD 8.0 million.
FPSNZ, established in 1996, is a New Zealand-based freight forwarder focusing primarily on sea and air freight forwarding together with customs clearance for inbound and outbound shipments from New Zealand. Famous Holdings is SingPost’s freight forwarding arm with offices in 7 countries namely Singapore, Japan, Australia, China, Malaysia, UK and the USA. It provides freight services as well as other value-added services including customs and regulatory management.
Said Dr Wolfgang Baier, Group Chief Executive Officer of SingPost: “As part of our strategy to grow our regional logistics business, we are strengthening our capabilities to provide fully integrated logistics solutions to our customers, both in Singapore and in the region. This acquisition will allow SingPost to broaden our freight network and establish an entry point into the New Zealand freight market. It also strengthens our capability to provide customers with an integrated ecommerce logistics solution and complements our existing postal and parcel networks.”
Over the past 18 months, SingPost has been ramping up its regional logistics capabilities with new or expanded facilities including the development of a S$182 million fully integrated regional ecommerce logistics hub in Singapore which is expected to start operating in mid 2016. SingPost currently has more than 20 warehousing and fulfillment centres in the region.
Added Dr Baier: “In addition, we have also been building up our last mile capabilities to better serve our regional customers. The recent acquisition of CouriersPlease, a leading metropolitan express parcel delivery company in Australia, is a strategic investment to strengthen our capabilities to provide end-to-end solutions in the domestic markets that we are present.”
With FPSNZ joining the SingPost stable which already includes CouriersPlease and Quantium Solutions, the Group now has an expanded and end-to-end integrated suite of services to meet the growing customer demands in the Pacific region.
-------------------------------------------------------- End ---------------------------------------------------------
About Singapore Post Limited
(Reg. No. 199201623M)
Singapore Post (SingPost) is the leading provider of mail, logistics and ecommerce solutions in Singapore and the Asia Pacific region, with operations in more than 10 countries.
As Singapore’s national postal service provider, SingPost offers trusted communications through domestic and international postal services as well as end-to-end integrated mail solutions covering secure data printing, letter-shopping, delivery and mailroom management, among others. For over 150 years, SingPost has been delivering a trusted and reliable service to citizens, residents, corporations and businesses in Singapore.
As part of its transformation, SingPost has been steadily expanding beyond Singapore, leveraging its regional platform Quantium Solutions and other subsidiaries and partners. With its regional network and infrastructure, SingPost offers fully integrated ecommerce logistics solutions covering the four areas of freight, customs & regulations management, warehousing & fulfilment, last mile delivery & returns as well as ecommerce web services, to its customers.
SingPost won the World Mail Award for ecommerce in June 2014 and was ranked the top postal agency in the world in an Accenture report. SingPost also gained international acclaim when it was bestowed the Service Provider of the Year 2012 award by Postal Technology International. SingPost is the only company to win to the Universal Postal Union’s EMS Cooperative award for its Speedpost courier service every year since 2001.
SingPost's subsidiaries and businesses include:
SingPost was listed on the Main Board of the Singapore Exchange in 2003. To learn more about SingPost, please visit www.singpost.com.
For general information on SingPost, visit us at www.singpost.com