SHARES OF Singapore Post (SingPost) surged 5 for each penny on Friday morning after the Info-correspondences Media Development Authority gave the gesture for Chinese e-trade mammoth Alibaba to bring its stake up in the postal and coordinations firm.
SingPost shares were exchanging around S$1.595 each, up 7.5 Singapore pennies, or 5 for every penny at 09.47am. Very nearly 17 million shares changed hands.
The approval for Alibaba to bring its stake up in SingPost from 10.2 for each penny to 14.4 for every penny will make it the second biggest shareholder after Singtel.
Alibaba’s further speculation of S$187.1 million in the gathering is focused to be finished by Feb 28, 2017.
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