Alibaba will take a 10.3% stake in the Singapore-based postal service as it aims to beef up its logistics in Southeast Asia.
Alibaba, the China-based e-commerce company reportedly planning to raise up to $15bn when it goes public later this year, has purchased a 10.35% stake in Singapore Post for S$312.5m (US$249m).
Initially established as Singapore’s postal service, SingPost has since grown into a more diversified company that incorporates financial services and an internet portal. It is of strategic interest to Alibaba because so much of the Chinese company’s business is reliant on package delivery.
Alibaba formed the China Smart Logistic Network…
