SingPost divests freight forwarding business Famous Holdings for S$177.9 million

[SINGAPORE] Singapore Post (SingPost) has divested its entire freight forwarding business, Famous Holdings, for about S$177.9 million.

The sale resulted in an estimated realised gain on disposal of S$10.5 million and about S$104 million in cash for the company, said the national postal service provider on Tuesday (Jul 22).

It noted that the sale was carried out in two parts. Supply chain solutions provider DP World Logistics FZE acquired the entire issued share capital of SingPost Logistics Investments’ unit for about US$97.7 million.

A consortium, which includes some of Famous Holdings’ minority shareholders, acquired the entire issued and outstanding shares of Rotterdam Harbour Holding for about 35.7 million euros (S$52.4 million). Rotterdam Harbour Holding is a unit of SingPost eCommerce Logistics Holdings.

The net asset value of Famous Holdings as at Mar 31 is about S$176 million, including Rotterdam Harbour Holding, which was a subsidiary of Famous Holdings. Excluding Rotterdam Harbour Holding, the net asset value of Famous Holdings is S$146 million as at end-March 2025.

Rotterdam Harbour Holding’s net asset value was S$30 million as at Mar 31.

“This is a step in SingPost’s strategy announced in March 2024, to divest non-core assets and businesses to recycle capital,” said Simon Israel, SingPost’s chairman.

“Following a comprehensive international sale process to explore various options for Famous Holdings, the board concluded that selling the business in two parts would secure the highest possible valuation.”

The disposals are expected to benefit SingPost by monetising non-core assets, reducing financial liabilities and improving shareholder value. Proceeds from the sale will contribute to SingPost’s cash balance.

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Shares of SingPost ended Tuesday 0.8 per cent or S$0.005 lower at S$0.64.