Singapore Post says it has received a letter from the Monetary Authority of Singapore (MAS) dated 15 July 2014 giving its approval for Chinese e-commerce giant Alibaba Group to become a substantial shareholder of the company under the Money-changing and Remittance Businesses Act, Chapter 187 of Singapore. In May, Alibaba said it will buy a minority stake in SingPost for $312.5 million. The deal also includes a strategic business cooperation with Alibaba Investment to create an international e-commerce logistics platform.
Thursday, July 17, 2014
SingPost gets MAS approval for Alibaba investment, partnership
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