Singapore Post Limited (SingPost) has announced that it has made two investments 'to strengthen its e-commerce logistics presence in Hong Kong and establish an integrated ecosystem for parcel deliveries across multiple channels.'
The postal utility has acquired 33% of the equity in Morning Express & Logistics Limited (ME) for HK$39.6 million (€4.54 million) from Morning Express & Logistics Holdings Limited (ME Holdings).
'This equity in ME provides SingPost with tangible e-commerce logistics and last mile delivery capability in Hong Kong,' it said.
In another transaction, SingPost has subscribed for a 50% stake in E Link Station Limited (ELink) for HK£8 million (€920,000).
'ELink augments SingPost’s service offering in Hong Kong with a rapidly expanding network of self-collection parcel service points.'
SingPost made both transactions through its subsidiary Quantium Solutions Holdings Pte. Ltd.
“Hong Kong, being a gateway to China, is a priority market for SingPost and a node in our pan-Asian network through which we serve our customers and partners,' said SingPost Group CEO, Dr Wolfgang Baier.
'Morning Express gives us a strong last-mile and parcels capability in Hong Kong and extends our ecommerce value chain there, adding on to our warehousing, freight forwarding and front-end eCommerice. As a company, Morning Express has 28 years in the logistics business and they are led by a professional management whose thinking is remarkably similar to ours.
'ELink, on the other hand, is an extension of how we approach parcel deliveries elsewhere in many parts of the world – that is, we give customers flexibility through multiple channels that include locker storage and redemption centres.'
The agreements were signed on 28 August 2015 and the acquisitions will be funded by cash from SingPost’s internal ressources, SingPost added.
