Stock Track | SingPost Soars 6% on Completion of A$1 Billion Australian Business Divestment
Singapore Post (SingPost) shares surged 3.42% in intraday trading on Friday, following the announcement of the successful completion of its Australian logistics business divestment. The sale of Freight Management Holdings to Australia-based private equity firm Pacific Equity Partners fetched A$1 billion (S$845 million), exceeding initial expectations.
The divestment generated gross proceeds of approximately A$781.5 million, slightly higher than the previously anticipated A$775.9 million. More importantly, SingPost reported an estimated gain of S$289.5 million from the transaction, significantly boosting the company's financial position and potentially freeing up capital for future investments or shareholder returns.
This strategic move aligns with SingPost's efforts to streamline its operations and focus on core markets. The substantial proceeds and impressive gain from the divestment have clearly resonated with investors, driving the stock's upward momentum in today's trading session. As SingPost continues to refine its business strategy, market participants will be keen to see how the company utilizes the proceeds to drive future growth and enhance shareholder value.
SingPost Soars 6% at 11:30 am, Mar 28th.
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