SingPost unit buys 80% of Dutch firm for $12.6m

People at a Singapore Post branch in Raffles Place MRT.
People at a Singapore Post branch in Raffles Place MRT.PHOTO: ST FILE

SINGAPORE - Mainboard-listed Singapore Post said on Wednesday that its subsidiary, Famous Holdings Pte Ltd, has bought an 80 per cent stake in Rotterdam Harbour Holding BV (FPS Rotterdam) for 8.4 million euros (S$12.6 million).

FPS, which provides freight forwarding services for companies in Rotterdam harbour, is now an indirect subsidiary of SingPost.

For the year ended Dec 31, 2014, FPS's net asset value stood at about 2.69 million euros (S$4 million).

SingPost said an additional sum of up to 3.6 million euros (S$5.4 million) may be paid if certain performance targets are achieved.

The stake was bought from Etc Etcetera Beheer BV and Rubus Beheer BV.