Singapore Post says it is extending the long-stop date in the joint venture agreement with Alibaba from April 7 to May 31.
Without naming the Chinese e-commerce company by name, SingPost announced in a filing on Friday night that “the company and the investor are still in the process of fulfilling the conditions precedent as set out in the joint venture agreement” and that the two parties have agreed to mutually extend the long-stop date.
It was on July 8 that SingPost and Alibaba first announced a series of new initiatives for collaboration and growth following the signing of a joint venture agreement.
Among the initiatives, Alibaba was to invest up to $92 million for a 34% stake in subsidiary Quantium Solutions International. It was also to acquire a 5% stake in SingPost for $187.1 million.
SingPost, which closed 1.4% higher at $1.45, did not reveal what the unfulfilled conditions were.
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Without naming the Chinese e-commerce company by name, SingPost announced in a filing on Friday night that “the company and the investor are still in the process of fulfilling the conditions precedent as set out in the joint venture agreement” and that the two parties have agreed to mutually extend the long-stop date.
It was on July 8 that SingPost and Alibaba first announced a series of new initiatives for collaboration and growth following the signing of a joint venture agreement.
Among the initiatives, Alibaba was to invest up to $92 million for a 34% stake in subsidiary Quantium Solutions International. It was also to acquire a 5% stake in SingPost for $187.1 million.
SingPost, which closed 1.4% higher at $1.45, did not reveal what the unfulfilled conditions were.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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