Singapore Post (SingPost) S08 has acquired an additional 10% interest in Australian services provider Freight Management Holdings (FMH) for A$62.8 million ($55.3 million).
This brings SingPost’s total stake in FMH to 98%, up from 88% previously. SingPost first acquired a 28% stake in FMH in December 2020 before upping its stake to 51% in November 2021. The company’s 37% acquisition in January took its stake to 88%.
The latest 10% acquisition of shares, through wholly-owned subsidiary SingPost Australia Investments Pty Ltd, came from FMH non-management shareholders and Degenhardt shareholders.
Separately, FMH management shareholders have accepted an offer to sell all existing FMH shares to SingPost. The transaction is pending completion.
Upon completion of the acquisition from the FMH management shareholders, SingPost will hold 100% equity interest in FMH.
Shares in SingPost closed 0.5 cents or 1.1% up at 46 cents on Nov 28.
