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S&P places SingPost on CreditWatch negative
December 07, 2024
|The Straits Times
Global ratings agency S&P said on Dec 5 it has placed Singapore Post (SingPost) on CreditWatch negative, following a change in its future strategy and the sale of its Australian business.
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On Dec 2, the postal service provider said it has entered a share purchase agreement to divest its Australian business at an enterprise value of A$1 billion (S$870 million).
This was part of the outcome of a strategic review, launched earlier in 2024, seeking to explore strategic options to enhance its business value and maximise shareholder value.
S&P believes that the sale will be "transformative" for SingPost and clouds its future strategy.
"Over the past four years, SingPost has invested into the logistics industry in Australia to mitigate the structural decline in the postal sector," said the agency. SingPost's Australian business is now a key contributor, accounting for 58 per cent of total revenue in the first half of financial year 2025.
هذه القصة من طبعة December 07, 2024 من The Straits Times.
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