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SingPost Acquires 71.1% ownership in Jagged Peak
Singapore Post’s wholly-owned subsidiary, Singapore Post Enterprise, has incorporated a wholly-owned subsidiary known as SP Jagged Peak LLC (SP JP) on 8 October 2015, with a capital of US$1,000 divided into 1,000 ordinary shares.
In the same announcement, the group also announced that SP JP has entered into an agreement and plan of merger with Jagged Peak, under which SP JP will acquire all outstanding stock of Jagged Peak from the shareholders of Jagged Peak other than approximately 28.9 percent of the stock, which is effectively held by Paul Demirdjian and Primrose Demirdjian. Mr. Demirdjian is the CEO of the company, and both Mr. and Mrs. Demirdjian are directors, principal shareholders and founders of Jagged Peak.
The consideration of US$15.8 million for the merger will be satisfied wholly in cash from the group’s internal resources and the acquisition of Jagged Peak, an eCommerce logistic enabler for high-velocity consumer products based in USA, is in line with the group’s objective of growing its eCommerce logistics and capabilities.
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