Mainboard-listed Singapore Post (SingPost) announced that its subsidiary, Famous Holdings Pte Ltd, has acquired 80 per cent stake in Rotterdam Harbour Holding BV (FPS Rotterdam), for 8.4 million Euros ($9.2 million).
SingPost said that “subject to certain performance targets being achieved, it may have to make an additional payment of 3.6 million Euros to the vendors.”
For the year ended Dec 31, 2014, FPS Rotterdam had an asset value of 2.7 million Euros, Singapore Post added in its regulatory filing.
Earlier this month, the Alibaba Group had invested S$187.1m in SingPost, raising its stake in the Singapore company to 14.51 per cent.
Last month, Singapore Post had invested A$4.3 million ($3.32 million) in cash for a 30 per cent stake in Australian e-commerce company Hubbed Holdings. The acquisition was indirectly made via wholly-owned subsidiary Quantium Solutions (Australia).