Chinese eCommerce giant Alibaba Group has been given the go-ahead by Singapore’s stock exchange (SGX) to raise its stake in Singapore Post (SingPost).
Alibaba Investment, a subsidiary of Alibaba Group Holding, has received in-principle approval from the bourse for the listing and quotation of about 107.6 million new shares in SingPost, says the postal group said in a filing.
This is subject to compliance with SGX listing requirements, and SingPost shareholder approval.
Shareholders will be sent a circular with details of the proposed share issuance, and notice of a related extraordinary general meeting.
The deal aims to be completed by the end of February.
As Alibaba’s second SingPost investment, it will raise its stake from 10.2 to 14.4 per cent.