Maybank Research Pte Ltd 28 March 2025

Singapore Post’s Freight Divestment Boosts Efficiency, Sinarmas Land Faces Privatization Offer

SingPost Divests Freight Business, Invests in eCommerce Logistics

Singapore Post (SingPost) has completed the divestment of its Freight Management Holdings (FMH) subsidiary to Pacific Equity Partners for AUD1.02 billion (SGD867 million). The sale, approved by 99% of shareholders, is expected to generate a preliminary gain of SGD289.5 million for SingPost.
The proceeds will be used to reduce debt, including repaying a SGD362.1 million loan related to the FMH acquisition. Additionally, SingPost announced plans to invest SGD30 million to expand its eCommerce Logistics Hub, consolidating mail and parcel operations for greater efficiency.
This strategic move allows SingPost to focus on its core ecommerce logistics business, which has become a key growth driver for the company. The divestment of the lower-margin freight division and reinvestment into the ecommerce segment is expected to improve SingPost’s overall profitability and competitiveness.

Sinarmas Land Faces Privatization Offer at Significant Discount

Indonesia’s Widjaja family, through its investment vehicle Lyon Investments, has made a voluntary cash offer to privatize Sinarmas Land at SGD0.31 per share. The offer values the property developer at SGD1.32 billion and represents a 12.7% premium over its last traded price.
However, the offer price is at a 73.9% discount to Sinarmas Land’s net asset value. The proposed delisting is aimed at providing more management flexibility and addressing the company’s low trading liquidity on the Singapore Exchange.
If Lyon Investments acquires 90% of Sinarmas Land’s shares, it plans to proceed with a compulsory acquisition. This move highlights the family’s desire to take the company private, potentially limiting public shareholders’ participation in the property developer’s future growth.

iFast Appoints New CFO as Part of Succession Planning

Wealth management platform iFast Corporation has appointed Lin Weide Terence as its new Group Chief Financial Officer, effective April 1. He replaces Lim Kian Thong, who is retiring as part of iFast’s long-term succession planning.
Lim will take on new responsibilities within the group, while Vincent Tong has been appointed as the CEO of iFast’s Singapore subsidiary, iFast Financial. This leadership change is part of iFast’s expansion strategy, with group CEO Lim Chung Chun stepping down from the subsidiary role.
Lin joined iFast in 2015 and most recently served as the Group Finance Director, bringing valuable experience to his new position as CFO.

Centurion Corporation’s Chairman Increases Stake

Centurion Corporation’s executive director and joint chairman, David Loh, has acquired an additional 99,300 ordinary shares in the company through a market transaction. The shares were purchased at SGD1.19 each, bringing Loh’s total stake in Centurion to 59.793%.
This latest acquisition follows Loh’s previous purchases, including 10 million shares at SGD0.935 per share in a married deal in January and 300,000 shares at SGD0.74 each in September 2024. The increased shareholding demonstrates Loh’s confidence in Centurion’s prospects and aligns his interests with those of the company’s public shareholders.
Centurion Corporation is a diversified real estate and facilities management company with a focus on worker accommodation and self-storage solutions.