SingPost completes $177.9m divestment of freight forwarding business

Proceeds will strengthen SingPost’s cash position.

Singapore Post Limited (SingPost) has completed the sale of its entire freight forwarding business for $177.9m, as part of its strategy to divest non-core assets and recycle capital.

The business, conducted through Famous Holdings Pte Ltd (FHPL) and Rotterdam Harbour Holding B.V. (RHH), was sold in two parts. FHPL and its related operations were sold to DP World Logistics FZE for approximately $125.5m (US$97.7m), whilst RHH was sold to a consortium that includes some of its minority shareholders for around $52.4m (€35.7m).

The divestment results in an estimated gain of S$10.5 million and unlocks approximately $104m in cash for SingPost.

Ernst & Young Corporate Finance Pte Ltd was appointed as the financial advisor to run an international sale process, which attracted interest from various parties.

After evaluating the options, the SingPost Board decided that splitting the sale would maximise value. Chairman Simon Israel said the move aligns with SingPost’s broader plan, announced in March 2024, to focus on core businesses.

This sale follows the company’s earlier divestment of its Australian logistics business, Freight Management Holdings, in March 2025.

For the financial year ended 31 March 2025, FHPL (including RHH) had a net asset value of $176m and generated $14.5m in profit before tax and non-controlling interests.

RHH alone contributed $30m in assets and $15.9m in pre-tax profit.

The proceeds from the sale will strengthen SingPost’s cash position, with the final use of funds to be determined by the Board based on the company’s future needs.

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