MAS gives the green light on Alibaba-SingPost deal

The IDA has also given its approval.

SingPost announced yesterday that the Monetary Authority of Singapore (MAS) has approved e-commerce firm Alibaba’s move to become a substantial shareholder of the company.

The deal involves transferring 220,096,000 ordinary shares in the capital of SingPost to Alibaba, as well as a Memorandum of Understanding in relation to a strategic business cooperation agreement for the creation of of an international e-commerce logistics platform.

Alibaba and SingPost’s deal has been deemed pursuant to Section 13(1) of the Money-changing and Remittance Businesses Act, Chapter 187 of Singapore.

“As disclosed by the Company in the Announcements, in addition to the receipt of the Approval, the Proposed Issuance is subject to certain conditions precedent set out in the Investment Agreement, including without limitation, there being no breach of the representations, warranties and undertakings set out in the Investment Agreement and subject to the terms and conditions of the Investment Agreement, the approval of the MAS and the Info-communications Development Authority of Singapore ("IDA") of the Investor’s nominee as a director of the Company,” noted SingPost.