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Singapore Post
19-09-2019, 10:58 PM.
Post: #471
RE: Singapore Post
SingPost's US e-commerce units seek bankruptcy protection

Samantha Chiew 19/09/2019, 6:51pm

SINGAPORE (Sept 19): Singapore Post (SingPost) today announced that its two e-commerce businesses in the US – Jagged Peak and TradeGlobal – have filed for voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code.

This came on the back of the group failing to find a buyer for the two e-commerce units. It ran a comprehensive sale process over almost six months, which saw 105 interested parties that signed non-disclosure agreements and led to eight expression of interest and finally two non-binding offers.

However, the offers were on terms and conditions that the group found to be commercially unfeasible. Hence, SingPost ended the sale process.

Following this, SingPost is expected to incur professional and administrative fees during the process for the Chapter 11 proceedings, though these are not expected to be material.

The two US subsidiaries will also no longer be included in the group’s consolidated financial reports. In the group’s latest quarter ended June, the unaudited consolidated loss arising from the US subsidiaries came up to approximately $6.9 million.

Analysts at DBS Group Research believe the bankruptcy proceedings are likely to at best enable SingPost’s US entities to pay off all outstanding liabilities.

More details in https://www.theedgesingapore.com/capital...protection
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Specuvestor: Asset - Business - Structure.

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30-10-2019, 06:01 PM.
Post: #472
RE: Singapore Post
SingPost introduces new package categories and adjusts postal products to meet eCommerce boom
* New postal services for packages to meet eCommerce demand: Basic Package and Tracked Package
* Ordinary Mail renamed as Basic Mail and will only accept letters and printed papers up to 500g; No change in Basic Mail rates
* Registered Service (Singapore) to be realigned – offered only to letters and printed papers weighing up to 500g
* Revisions to international airmail rates and Registered Service (International) fees
* All changes to take effect from 2 December 2019

More details in https://links.sgx.com/FileOpen/Media_Rel...eID=583593
=========== Signature ===========
Specuvestor: Asset - Business - Structure.

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08-05-2020, 08:39 AM.
Post: #473
Rainbow  FY result for Singapore Post
8 May 2020 SingPost Revenue declined 0.7% to S$1.31 billion for the full year ended 31 March 2020

https://links.sgx.com/FileOpen/SGXNET-Q4...eID=609806
(click for sgx announcement)
  • Net profit up mainly due to absence of impairment charges for U.S. businesses
  • incurred in the previous year
  • Underlying net profit remained stable at S$100.2 million
  • Challenging outlook since Q4 and for year ahead due to on-going Covid-19 crisis
  • Final dividend of 1.2 cents per share proposed
Stay home and stay safe, valuebuddies.

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