Company Briefs: Singapore Post

Singapore Post

Singapore Post (SingPost) yesterday said the option to sell a remaining 37.5 per cent stake in freight forwarder Famous Holdings has been exercised by owner Quincy Tan. Mr Tan was also known at Tan Ho Sung or Taufiq Tan in a 2013 announcement.

SingPost announced on Jan 18, 2013 that it was buying a 62.5 per cent stake in Famous for $60 million.

"Both companies had also agreed on an option to transact the remaining 37.5 per cent stake at the end of 2015, at a price to be determined based on an agreed formula," said SingPost then.

It added yesterday that under the terms of the agreement, the price for the option shares will be determined based on the final valuation of Famous.

"The process for the conduct of such final valuation will commence in due course and the company will provide updates at the appropriate juncture."

SingPost shares rose 3.5 cents to close at $1.465 yesterday.

CWT

Logistics firm CWT's financial services arm Straits Financial Group has obtained a licence from regulators in Indonesia to operate a physical commodity exchange and a dedicated clearing house in the country.

The exchange will be branded as Asia Commodity Marketplace.

It plans to offer a place for local producers and international users, "to transact directly and negotiate anonymously over an electronic platform".

The marketplace plans to roll out a suite of agricultural products next year such as cocoa, coffee, rubber, soya bean and sugar.

CWT said yesterday that users will be able to access a larger pool to trade physical commodities and then settle the transaction through the clearing house.

Cargo will be delivered through secured bonded warehousing facilities - both inland and along major seaports in Indonesia - operated by reputable names, including CWT.

CWT chief executive Loi Pok Yen said: "The marketplace has the potential to revolutionise traditional practices of physical trading in Indonesia, by connecting buyers directly to the production source, and more importantly, for the transaction to be backed by a central clearing counterparty for risk mitigation."

CWT shares ended up one cent at $1.975 yesterday.

A version of this article appeared in the print edition of The Straits Times on September 21, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe