SingPost divests freight forwarding business Famous Holdings for S$177.9 million
The sale resulted in an estimated realised gain on disposal of S$10.5 million and about S$104 million in cash for the company, said the national postal service provider on Tuesday (Jul 22).
It noted that the sale was carried out in two parts. Supply chain solutions provider DP World Logistics FZE acquired the entire issued share capital of SingPost Logistics Investments' unit for about US$97.7 million.
A consortium, which includes some of Famous Holdings' minority shareholders, acquired the entire issued and outstanding shares of Rotterdam Harbour Holding for about 35.7 million euros (S$52.4 million). Rotterdam Harbour Holding is a unit of SingPost eCommerce Logistics Holdings.
The net asset value of Famous Holdings as at Mar 31 is about S$176 million, including Rotterdam Harbour Holding, which was a subsidiary of Famous Holdings. Excluding Rotterdam Harbour Holding, the net asset value of Famous Holdings is S$146 million as at end-March 2025.
Rotterdam Harbour Holding's net asset value was S$30 million as at Mar 31.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Sign Up
Sign Up
'This is a step in SingPost's strategy announced in March 2024, to divest non-core assets and businesses to recycle capital,' said Simon Israel, SingPost's chairman.
'Following a comprehensive international sale process to explore various options for Famous Holdings, the board concluded that selling the business in two parts would secure the highest possible valuation.'
The disposals are expected to benefit SingPost by monetising non-core assets, reducing financial liabilities and improving shareholder value. Proceeds from the sale will contribute to SingPost's cash balance.
Shares of SingPost ended Tuesday 0.8 per cent or S$0.005 lower at S$0.64.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
4 hours ago
- CNA
Trump tariffs: Singapore will continue to be subject to a 10% rate, says MTI
Singapore's Trade and Industry Ministry has confirmed that the country's exports to the US will continue to be subject to a 10 per cent tariff. This update comes after Deputy Prime Minister Gan Kim Yong said earlier this week that the United States was not keen to discuss reducing Singapore's tariffs. MTI says it is closely monitoring developments and will seek clarification from their US counterparts as necessary. Associate Professor Goh Puay Guan from the Department of Analytics and Operations at the NUS Business School and Ang Yuit, President of the Association of Small and Medium Enterprises, comment if the baseline tariff rate of 10 per cent for Singapore is as good as it gets. They talk about if SMEs see this 10 per cent rate as manageable, or are margins already feeling the squeeze.
Straits Times
5 hours ago
- Straits Times
ST explains: How Trump tariffs could affect Singapore SMEs, jobs and markets
Sign up now: Get ST's newsletters delivered to your inbox Analysts note that Singapore will feel an outsized impact if tariffs put a damper on trade. SINGAPORE – Singapore seems to have escaped a major hit from the US tariffs with a relatively low baseline levy of 10 per cent . But this is just a small part of the picture, say analysts, who note that the country will feel an outsized impact if tariffs put a damper on trade. Mr Song Seng Wun, economic adviser at CGS International Securities Singapore, told The Straits Times: 'Every big or small country that is hit by tariffs, Singapore is watching. 'Ultimately Singapore is looking at external demand and trade flows through its ports, to support economic growth and jobs creation.' Ms Lorraine Tan, Morningstar's director of Asia equity research, believes the Government is warranted in keeping its cautious outlook for economic growth at 0 per cent to two per cent. The Monetary Authority of Singapore expects the economy will be put to the test in the coming months as trading partners are hit with higher tariffs. Why are SMEs worried about tariffs? Small and medium-sized enterprises (SMEs), which make up 99 per cent of businesses here, have asked for more support to navigate the uncertainty. Top stories Swipe. Select. Stay informed. Tech Reporting suspected advanced cyber attacks will provide a defence framework: Shanmugam Business Singapore's US tariff rate stays at 10%, but the Republic is not out of the woods yet World As China-US tariff truce talks drag on, what are prospects for a 'big deal' for Trump? Singapore Thundery showers expected on most days in first half of August Singapore SPH Media awards three journalism scholarships to budding newsroom talent Singapore Synapxe chief executive, MND deputy secretary to become new perm secs on Sept 1 Singapore 5 women face capital charges after they were allegedly found with nearly 27kg of cocaine in S'pore Business Sumo Salad had valid insurance coverage for work injury claims: MOM Firms with supply chains extending beyond Singapore could directly face higher tariffs if they sell goods to the US. They often have less room than large conglomerates to absorb these costs and less power to pass them on to customers. These businesses should assess how exposed they are to tariffs, and how they can remain competitive, said Singapore Business Federation Chief Executive Officer Kok Ping Soon. 'The varied tariff landscape across Asia underscores the urgent need for businesses to acquire fluency in customs data and trade compliance issues, such as the basis for rules of origin and customs evaluation methods,' he added. His association is also encouraging SMEs to explore new overseas markets which have free-trade agreements with Singapore. It is organising business missions to Thailand, Egypt, India, Saudi Arabia and Mexico in the coming months. Mr Kok also cited the importance of the Business Adaptation Grant , which will be launched by October, to help companies adjust to the new tariff environment. SMEs will get a higher level of support under the grant, which will be capped at $100,000 per company and require co-funding by firms. Businesses that do not deal with the US could also be affected if their suppliers or customers are hit by tariffs, said the Association of Small and Medium Enterprises president Ang Yuit. 'Some cases, they will find that demand goes away as their customers upstream are affected,' said Mr Ang. As tariff rates on a slate of countries become clearer, SMEs are just beginning to make decisions on how to restructure their supply chains, he added, noting: 'The decision-making process has many layers, from the cost of setting up a new plan in another country, to the different components that finally make up the finished good. 'While tariff (rates) seem to have landed, the decisions and plans for businesses have just started.' What does this mean for jobs? Companies ranging from delivery giant UPS to Monopoly maker Hasbro have recently announced job cuts as tariffs raise the cost of shipping goods to the US. Singapore's total employment has continued to grow and retrenchments held steady in the second quarter, preliminary Ministry of Manpower data showed earlier this week. Employers are waiting to see how much the global economy will be affected by tariffs, Mr Song said, adding: 'We know the growth momentum will slow down. We don't know by how much. 'How much depends on whether the rest of the world will be affected by all these shifts in tariff polices. This will affect confidence, affecting business actions, job creation and employment.' Will the resilience of the stock market fade? Singapore's stock market enjoyed an unexpectedly robust first-half performance, with the Straits Times Index (STI) up around 10 per cent since the start of 2025. Morningstar's Ms Tan said the main risk to the market is not the direct impact of tariffs, but the possibility of slowing global demand and the realignment of supply chains. 'Consumer confidence is likely to be lacklustre given these uncertainties, and this could weigh on Singapore's economic growth as well,' she added. Ms Tan is also watching the earnings of banks, which have a major weighting on the local benchmark. 'If credit costs or net interest margins disappoint expectations, we could see share prices fall. Given the heavy weighting of banks on the STI, the index itself may reflect relative underperformance,' she said.
Straits Times
5 hours ago
- Straits Times
SG60 plus 60: What Singapore's youngest citizens envision for SG120 in 2085
Sign up now: Get ST's newsletters delivered to your inbox The kids of Singapore imagine what the Republic will be like in 2085, 60 years from SG60. SINGAPORE – Singapore, when it celebrates SG120, is a floating green city where robo-animals roam and cars fly. Teleportation, often explored in science fiction, is becoming a reality. Social harmony abounds. Singapore's youngest citizens have imagined these scenarios for 2085, another 60 years from now. Following a call by The Straits Times in July, almost 70 children aged six to 12 have described their hopes and dreams for the future Singapore. While every response is unique, there are four overarching themes: green city, social harmony, advanced technology and cutting-edge transportation. Many of the responses revolve around teleportation. As 11-year-old Tan Hui En points out, with teleportation, there will be 'no more long and tedious flights', whether travel lovers are eyeing Tokyo in Japan or distant Quito in Ecuador. After all, space transportation company SpaceX is envisioning this as well. Founder Elon Musk reposted a Jan 17 post on social media platform X that said SpaceX's future 'Earth to Earth' system could ferry passengers from 'Tokyo to Singapore in 28 minutes'. Top stories Swipe. Select. Stay informed. Tech Reporting suspected advanced cyber attacks will provide a defence framework: Shanmugam Business Singapore's US tariff rate stays at 10%, but the Republic is not out of the woods yet World As China-US tariff truce talks drag on, what are prospects for a 'big deal' for Trump? Singapore Thundery showers expected on most days in first half of August Singapore SPH Media awards three journalism scholarships to budding newsroom talent Singapore Synapxe chief executive, MND deputy secretary to become new perm secs on Sept 1 Singapore 5 women face capital charges after they were allegedly found with nearly 27kg of cocaine in S'pore Business Sumo Salad had valid insurance coverage for work injury claims: MOM While astronautical engineers sort this out, Cedric Ng Jun Xi, 11, suggests taking a cue from the world's most popular video game. 'I predict that scientists will invent real-life Ender Pearls,' he says. 'Ender Pearls are items in Minecraft that you can throw and they will teleport you to wherever you throw them.' Many responses allude to current concerns: climate change, the prevalence of artificial intelligence (AI) and even rising GST (goods and services tax). However, 11-year-old Heng Su Fern believes Singapore's City In A Garden ethos will be undiminished in 2085. 'Singapore will be a shimmering garden city with vertical forests rising alongside solar towers that provide clean energy,' she says. 'Tall, floating greenhouses that grow all the food for Singaporeans will glide gently on the water, adapting to sea level to rise with grace and Singapore's lack of space.' Many children also anticipate that the pursuit of nation-building and pace of urban development will not relent. Still, they wish for peace and harmony. As nine-year-old Wee Jing Wen Abby says: 'Though we do not know what the future holds for us, I choose to believe our future will be bright and beautiful.' Ahead of National Day, when SG60 celebrations crescendo, ST looks ahead to SG120 with a two-part Born Tomorrow series. Read on for part one, featuring pearls of wisdom from the future pioneers of the land, as reinterpreted by ST executive artists Lee Yu Hui and Billy Ker. Sustainable urban growth ST ILLUSTRATION: BILLY KER, LEE YU HUI 'In 2085, Singapore is a city in the sky. I hope that the new homes will have solar panels and greenery on the roof of all new buildings.' Utin Nurqaseh Rina Upu Jallauddin, 12 'We live way up in the sky on floating gardens with trees that glow at night. My school is in a giant glass bubble, and sometimes we learn while flying.' Hugo Veeramallu, nine 'By 2085, Singapore will be a literal city in nature, with green skyscrapers covering every rooftop and actively giving air and giving a home to wildlife.' Queena Ng Suan Lu, 11 'I hope that Singapore can have a machine that sucks up all the smoke and bad air that is not good for our health. I also hope that all our classrooms will have air-conditioning as Singapore is very hot.' Gracelynn Chan Xin Rou, 10 New methods of transport ST ILLUSTRATION: BILLY KER, LEE YU HUI 'Our roads will be multifunctional: one lane of water, another of concrete and a third, a runway, so that Singaporeans have a choice to use a boat, a car or a flying mini-vehicle to go to school or work.' Chugh Hridhaan, nine 'I wish for underwater trains, so we will be able to see all the fishes under the water.' Lim Kun Yuen Daelen, 12 'Power planes will help us travel much faster. For example, the flight from Singapore to Beijing usually takes six hours, but power planes will be able to make that trip in just one hour.' Clare Ho Qi En, eight 'Cars may become obsolete. We will commute by boats instead, as global warming dominates. No more need for bus stops and the MRT.' Anjali Kaur Galvinderpal Singh, 10 Advanced technology ST ILLUSTRATION: BILLY KER, LEE YU HUI 'Schools will disappear and will be replaced with a device that can transfer the parent's knowledge.' Pan Boyu, 11 'Scientists could make drinkable potions. The effects could be to make you stronger, faster or more intelligent, or make you not tired at all.' Aaliyah Mohamad Mazlan, 10 'Future phones and tablets may be miniaturised to fit into small accessories, like jewellery, and can be controlled and interacted with through holographic interfaces and allow for gestures and voice commands.' Wee Jing Wen Abby, nine 'With bio-engineering, Singaporeans will be telepathic and able to teleport.' Zita Elizabeth Nyan Ching Yi, 11 'There will be more new animals, some old animals and robo-animals.' Goh Ruiyang Ryden, eight Social harmony for all ST ILLUSTRATION: BILLY KER, LEE YU HUI 'Singaporeans will live in high-tech kampungs, a way to help preserve history in daily lives as well as incorporate things in the future.' Heng Su Fern, 11 'Hopefully, inflation will not be too bad.' Queena Ng Suan Lu, 10 'There is something I do not want to change, like our teachers giving us lessons instead of AI, and encouraging children to generate their own ideas.' Clare Ho Qi En, eight 'People from all races and ages will live happily together. There will be more parks, kind people and exciting inventions. I hope Singapore will be safe, peaceful and full of joy.' Xue Jin Chen, 12
