SingPost enters Indonesian warehousing and freight forwarding market
A wholly-owned unit of Singapore Post entered into an agreement with an Indonesian counterpart on Tuesday, to provide warehousing and freight forwarding services there.
The joint venture company - PT Quantium Solutions Logistics Indonesia - will have an initial share capital of US$300,000 (S$380,000).
SingPost's unit will subscribe for 49 per cent of its shares, with the remaining taken up by the Indonesian party.
This venture will be funded through SingPost's internal resources and will not have a material impact on its financial year ending March 31 this year. SingPost shares closed down one cent or 0.74 per cent to $1.34.