SingPost acquires 90% stake in Famous Pacific

Visual from SingPost

SGX listed SingPost, has acquired a 90 per cent stake in Famous Pacific Shipping (NZ) Limited through its subsidiary Famous Holdings Pte Ltd.

The company paid an initial consideration of NZD3.6 million for the stake – subject to working capital adjustments – and certain debts owned by FPSNZ to the vendors.

A potential earn-out consideration of up to NZ$4.4 million based on the adjusted actual net profit after tax of First Pacific Shipping may also become payable, and this may potentially bring the total consideration up to NZ$8 million, the company said in a regulatory filing.

Famous Pacific Shipping, established in 1996, is a New Zealand-based freight forwarder focusing primarily on sea and air freight forwarding together with customs clearance for inbound and outbound shipments from New Zealand.

Famous Holdings is SingPost’s freight forwarding arm with offices in seven countries namely Singapore, Japan, Australia, China, Malaysia, UK and the USA. It provides freight services as well as other value-added services including customs and regulatory management.

This marks SingPost’s third major acquisition during the last six months.

In December 2014, it had acquired CouriersPlease Holdings, an Australia-based parcel delivery company, from New Zealand Post Group for A$95 million (S$104.66 million), furthering its expansion into the e-commerce logistics business. In August last year, SingPost had completed the acquisition of F.S. Mackenzie, a freight forwarder based in the United Kingdom.

Over the past 18 months, SingPost has been ramping up its regional logistics capabilities with new or expanded facilities including the development of a S$182 million regional ecommerce logistics hub in Singapore which, is expected to start operating in mid-2016. SingPost currently has more than 20 warehousing and fulfilment centres in the region.

SingPost closed flat at $1.94 Wednesday.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.