Singapore Post sells pawn broking unit

Divestment will allow its resources to focus on other strategic opportunities like regional logistics and e-commerce.

Singapore Post Limited (“SingPost”) on Monday announced that it has entered into a Sale and Purchase (S&P) agreement to sell its pawn broking business operating under the brand name of SpeedCash to GL Group Pte Ltd (GL), subject to regulatory approvals.

Under the agreement, GL will take over the operations of all six SpeedCash outlets as a going concern, for a sum of S$1.1million, excluding the prevailing loan portfolio, the price of which will be determined at the completion of the sale transaction. GL is an entity of Peng Kwee Watches and Jewellery Pte Ltd which was SpeedCash’s partner in the valuation, pawning and retailing of branded second-hand watches, according to a SingPost report.

Existing SpeedCash customers will be notified about the change of owners and provided sufficient time to redeem their existing pledge tickets or to maintain their pawn status with the new owner.

Mr Ng Hin Lee, SingPost’s Chief Executive Officer (Postal and Corporate Services) and covering Group Chief Financial Officer said: “We constantly review our portfolio of businesses to ensure we are on track to achieve our strategic goals. This divestment enables us to align our resources to focus on other strategic opportunities eg regional logistics and e-commerce.”

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia