Rumor has it that Alibaba reduced its stake in SingPost, cashing out SGD 65 million
According to IFR, Alibaba (09988.HK) reduced its stake in SingPost, selling shares at SGD 0.428 each, which is approximately a 6.96% discount compared to yesterday's (4th) closing price, cashing out SGD 65 million.
In April, SingPost and Alibaba agreed to terminate the cross-shareholding relationship with Shenzhen DExpress Information Technology and Guanting International Logistics. SingPost paid Alibaba SGD 36.89 million to acquire a 34% stake in Guanting International Logistics; meanwhile, Alibaba's Cainiao will acquire a 17.61% stake in DExpress held by Guanting International Logistics for approximately SGD 92.75 million
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