Remaining 37.5% stake in freight forwarder to be sold to SingPost

SINGAPORE - Singapore Post (SingPost) said on Tuesday that the option to sell a remaining 37.5 per cent stake in freight forwarder Famous Holdings, has been exercised by owner Quincy Tan.

SingPost had said on Jan 18, 2013 it was buying a 62.5 per cent stake in Famous for S$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," SingPost said in a release issued at the time.