The two companies also signed a memorandum of understanding to discuss a joint venture in the global logistics business, particularly in Southeast Asia, the statement said.
The investment deal was announced three weeks after Alibaba filed for a potentially massive initial public offering in the United States.
Lim Ho Kee, Chairman of Singapore Post, said the company will benefit from Alibaba's expertise in e-commerce, technology and business volumes.
Alibaba combines aspects of eBay, Amazon, PayPal and other Western technology. Analysts say an investor frenzy could drive Alibaba's value as high as US$200bn when it goes public later this year.
Daniel Zhang, Chief Operating Officer of the Alibaba Group, said the Chinese firm hopes to leverage Singapore Post's strong delivery networks and end-to-end e-commerce logistics.
Source: AFP via I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
