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Yamato Asia purchases stake in GD Express Carrier

Time:2016-02-23 19:40 Source:Logistics Business Review Writer:admin Click:Times

Yamato Asia has acquired a partial interest in GD Express Carrier (GDEX) from Singapore Post (SingPost), for around S$78.4m($55.8m).

 

SingPost now owns a 11.2% strategic interest in GDEX, after the divestment of partial stake. It allows to retain its board seat at GDEX.



SingPost will use the proceeds from the sale to expand its eCommerce logistics solutions and networks in the US, Europe, China and other Asia Pacific countries.



The firm will strengthen its integrated end-to-end eCommerce logistics solutions, which comprise of front end web management, warehousing and fulfilment last mile delivery and international freight forwarding.



SingPost Group corporate services deputy CEO and chief financial officer Mervyn Lim said: "This partial divestment boosts the financial capability of SingPost as the group gears up on an accelerated path to becoming a global leader in end-to-end eCommerce logistics.



"This deal gave us a good return on our investment and also boosted our available resources to drive SingPost's eCommerce logistics growth as it pivots into the US with the recent investments in TradeGlobal and Jagged Peak."



In January, SingPost launched a new division, SP Commerce, in a bid to provide enhanced services for global customers across all key eCommerce markets.



The firm had created new division by integrating its eCommerce division SingPost eCommerce with US-based ecommerce providers TradeGlobal Holdings and Jagged Peak.



Yamato Asia is a wholly-owned subsidiary of Japanese transportation and forwarding group, Yamato Holdings.

(Editer:admin)

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