Channel NewsAsia

SGX advises caution in trading of SingPost shares

Investors are told to "trade with caution" on Singapore Post after its shares surged around 5 per cent on Wednesday. 

SINGAPORE: Singapore Exchange (SGX) on Thursday (19 June) issued a "trade with caution" warning on Singapore Post after its shares surged around 5 per cent on Wednesday.

SingPost, in response to a query from SGX, said it was not aware of any reasons that could possibly explain the trading in its securities.

The postal operator added, however, that it has been accelerating its transformation efforts and continues to pursue opportunities to drive growth organically and through possible mergers and acquisitions.

Around 9.30am Singapore time, SingPost was down around 0.6 percent at S$1.755 a share.

The national postal service provider has been building its logistics capabilities in recent years to support the growing popularity of e-commerce in Singapore and the region.

Last month, Chinese internet giant Alibaba bought a 10.35 percent stake in the Singapore firm for S$312.5 million. Both companies also signed a memorandum of understanding (MOU) to discuss and negotiate a joint venture in international e-commerce logistics.

Tweet photos, videos and updates on this story to  @channelnewsasia