SingPost shares hit 3-year high after it sells freight forwarding business

The sale is part of ongoing efforts to divest its non-core assets and businesses

- Sue-Ann Tan

Shares of Singapore Post hit a three-year high on July 23, the day after the company announced the divestment of its entire freight forwarding business.

The move was part of SingPost's ongoing efforts to divest its non-core assets and businesses to recycle capital. It resulted in an estimated gain of $10.5 million on disposal and the release of about $104 million in cash for the company.

The counter closed up 2.3 per cent, or 1.5 cents, to 65.5 cents, with 18.7 million shares changing hands. SingPost shares last hit that level in July 2022.

SingPost announced on July 22 after the market closed that it had sold its freight forwarding business conducted through Famous Holdings and Rotterdam Harbour Holding for approximately $177.9 million.