SingPost takes stake in Australian e-commerce player for A$4.3 million
http://www.theedgemarkets.com/sg/ar...take-australian-e-commerce-player-a43-million
SINGAPORE (June 17): Singapore Post Limited has invested A$4.3 million ($4.6 million) in cash for a 30% stake in Australian e-commerce company Hubbed Holdings Pty Ltd. The acquisition, made via its own indirectly wholly-owned subsidiary Quantium Solutions (Australia) Pty Ltd,
If a predetermined set of performance benchmarks is attained, SingPost will pay an additional A$1 million to Hubbed. If not, SingPost will gain another 5% stake.
Hubbed , as of 30 April 2015, had a net asset value of some A$0.94 million. Its CEO and founder is David Mclean, who used to work in banks and was also a former Microsoft executve.
SingPost shares, which is down 1.56% year-to-date, is up 2 cents to $1.895 as of 9.47 am.