Alibaba unit dumps S$33.3 million in SingPost shares

ALIBABA Investment, a subsidiary of Chinese e-commerce giant Alibaba Group, sold off 72.5 million shares in Singapore Post (SingPost) for S$33.3 million on Friday (Jun 7).

The transaction lowers its stake in the national postal service provider to 11.34 per cent from 14.56 per cent, and trims its holding to about 255.1 million shares. It previously held approximately 327.6 million shares, indicated a filing on the Singapore Exchange (SGX).

The shares were sold at about S$0.46 apiece, a whisker below SingPost’s closing price of S$0.485 on Friday – which was down S$0.005, or 1 per cent, before the announcement.

Source: THE BUSINESS TIMES