Deals
SingPost Surges to Record on Alibaba’s Stake Investment
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Singapore Post Ltd. jumped to a record after Alibaba Group Holding Ltd., China’s biggest e-commerce company, agreed to buy a 10 percent stake in the company to develop its logistics in Southeast Asia.
SingPost shares climbed 11 percent to S$1.72 as of 9:16 a.m. in Singapore trading, set for its highest close since it went public in 2003. Alibaba will spend S$312.5 million ($249 million) acquiring about 220 million new and existing shares and the companies will enter talks for an e-commerce logistics venture, the Singapore-based company said in a statement.