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SingPost boosts stakes in Indonesian entity
It will benefit from the growing e-commerce market in the country.
Singapore Post announced just recently that it will be upping its stakes in an Indonesian entity through Quantium Solutions International Pte Ltd.
According to OCBC Investment Research, QSI has entered into a share purchase agreement with PT Rantai Bumi Laut (RBL) to acquire 1,800
ordinary shares, representing 18% of the issued share capital of PT Quantium Solutions Logistics Indonesia (QSLI) for a cash consideration of US$54k.
QSI is a JV between SingPost (66% stake) and Alibaba Investment Limited (34% stake) whereas QSLI is in the business of e-commerce logistics fulfilment in Indonesia.
"Recall that QSI set up QSLI with RBL in Jan 2014 with an initial paid-up capital of about S$375k, of which 49% was subscribed by QSI. According to a study by Google and Temasek last year, 18m people in Indonesia fell into the category of online buyers, representing about 7% of the population. By 2025, it is expected that Indonesia will dominate 52% of all e-commerce activity in SE Asia, due to its huge population and island geography," OCBC said.
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