Singapore, 14 January 2015 – SingPost, the regional leader in e-commerce logistics and trusted communications, today announced that it has acquired a 90% stake in Famous Pacific Shipping (NZ) Limited (FPSNZ) through its subsidiary Famous Holdings Pte Ltd. Famous Holdings Pte Ltd has paid an initial consideration of NZD3.6 million for the stake (subject to working capital adjustments) and certain debts owing by FPSNZ to the vendors. A potential earn-out consideration of effectively up to NZD4.4 million based on the adjusted actual net profit after tax of FPSNZ may also become payable, potentially bringing the total consideration up to NZD 8.0 million.
FPSNZ, established in 1996, is a New Zealand-based freight forwarder focusing primarily on sea and air freight forwarding together with customs clearance for inbound and outbound shipments from New Zealand. Famous Holdings is SingPost’s freight forwarding arm with offices in 7 countries namely Singapore, Japan, Australia, China, Malaysia, UK and the USA. It provides freight services as well as other value-added services including customs and regulatory management.
Read more at singpost.com