SINGAPORE: Singapore Post on Tuesday announced the completion of its strategic review, adding that the group will be reorganised into three business units.
The company said:"In the last year, the group has also taken steps to address the structural decline of letter mail which has impacted the commercial viability of postal firms globally." Chairman of SingPost Simon Israel said on Tuesday that the board is of the view that the share price of the group “does not appropriately reflect the intrinsic value of the company”.This is particularly apparent considering the value of the SingPost Centre, the group’s Australian business and the group’s growth potential,” Mr Israel said.
In Australia, its businesses of Freight Management Holdings, CouriersPlease and Border Express will be integrated into a single unit to offer"a full suite of logistics services".SingPost said it has identified a list of assets and businesses that are"non-core to its strategy" that can be"monetised". This includes selected properties as well as various assets in its international portfolio.