Proposed Divestment by SingPost Not Affected by Sacking of Senior Executives
The proposed divestment by Singapore Post (SingPost) of its Australian logistics business is not affected by SingPost’s recent firing of its three senior executives, the buyer Pacific Equity Partners (PEP) told The Business Times on Tuesday (Dec 24).
Question of Affected Transaction
The question of whether the transaction could be scuppered by the sacking that included group chief executive officer Vincent Phang has been raised since the announcement on their sudden exits.
Confirmation from PEP
A PEP spokesperson told BT in response to queries: “PEP can confirm that the proposed acquisition of Freight Management Holdings (FMH) is on track as announced on Dec 2.”
Conclusion
The proposed divestment by SingPost is not affected by the recent sacking of its senior executives, according to the buyer Pacific Equity Partners. This confirmation should provide clarity for all parties involved in the transaction.
FAQs
Q: What is the proposed divestment by SingPost?
Ans: The proposed divestment is the sale of SingPost’s Australian logistics business, Freight Management Holdings (FMH), to Pacific Equity Partners (PEP).
Q: Why was the question raised about the transaction being affected by the sacking of senior executives?
Ans: The question was raised because the sacking of SingPost’s senior executives, including group chief executive officer Vincent Phang, has raised concerns about the stability of the company and its ability to complete the proposed divestment.
Q: Has PEP confirmed the status of the transaction?
Ans: Yes, PEP has confirmed that the proposed acquisition of FMH is on track as announced on December 2, and is not affected by the sacking of SingPost’s senior executives.
Q: What does this mean for the parties involved in the transaction?
Ans: This confirmation should provide clarity for all parties involved in the transaction, including SingPost, PEP, and other stakeholders. The transaction is expected to proceed as planned, without any significant disruptions.
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