singapore-post

Alibaba to make investment in Singapore Post e-commerce arm

Chinese e-commerce giant Alibaba Group is investing about S$279 million ($205.98 million) to expand its holdings in Singapore Post and its e-commerce subsidiary, the two companies said in a statement. SingPost is seeking to boost its e-commerce business to offset weak postal revenues, and last year an Alibaba unit bought an over 10% stake in SingPost for $249 million.