Singapore Post (SingPost) has announced it will hold a meeting later this month to seek shareholder approval for the proposed sale of Freight Management Holdings (FMH).
The Extraordinary General Meeting (EGM) is expected to take place on 13 March 2025 at 3.30pm.
Freight Management Holdings is currently held through SingPost Australia Investments to Pacific Equity Partners.
SingPost said the transaction is valued at $1.02 billion AUD (approx. €609 million).
FMH has grown since SingPost’s initial investment in 2014. The FMH Group is a diversified logistics holding company with divisions across 4PL, warehousing, transportation and technology.
FMH Group comprises efm Logistics, Flip, Border Express, BagTrans, Spectrum Logistics, CouriersPlease and Logistics Holdings Australia under which is GKR Transport, Niche Logistics and Formby Logistics.
SingPost Chairman of the Board, Simon Israel, said the proposed divestment will deliver a strong return on investment in Australia.
“It crystallises the unrealised value of the business and brings forward unlocking value for shareholders,” he said.
If the divestment progresses, SingPost would comprise two business units after the disposal: Singapore and International. The remaining business of the SingPost Group would continue to be a postal and e-commerce logistics provider in the Asia Pacific region.
In the event that shareholders do not vote in favour of the proposed disposal, the SingPost Board will review and reconsider its strategy in relation to its Australian business.
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