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Fictron Industrial Supplies Sdn Bhd
No. 7 & 7A,
Jalan Tiara, Tiara Square,
Taman Perindustrian Sime UEP,
47600 Subang Jaya,
Selangor, Malaysia.
No. 7 & 7A,
Jalan Tiara, Tiara Square,
Taman Perindustrian Sime UEP,
47600 Subang Jaya,
Selangor, Malaysia.
Fictron Industrial
Automation Pte Ltd
140 Paya Lebar Road, #03-01,
AZ @ Paya Lebar 409015,
Singapore.
+65 31388976
sg.sales@fictron.com
Automation Pte Ltd
140 Paya Lebar Road, #03-01,
AZ @ Paya Lebar 409015,
Singapore.
+65 31388976
sg.sales@fictron.com
Alibaba pushes further into Chinese logistics market with plans to buy stake in STO Express
04 Apr 2019
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Alibaba is proceeding its push into the logistics sector with plans to buy a stake in Chinese courier service firm STO Express.
The deal represents the Chinese technology company’s fourth investment in an specific courier firm. To date, Alibaba owns 10% of Chinese courier ZTO, 11% of YTO, and 27.9% of Best Logistics. In 2017, the company also invested an additional $807mn in Cainiao to gain a controlling stake in the firm.
On Monday (11 March), STO Express announced that its controlling shareholder, Shanghai Deyin Investment Holdings Co. Ltd., plans to generate a new subsidiary that will own a 29.9% stake in the courier firm.
Alibaba says it will pay 4.66bn yuan (US$693.3mn) for a 49% stake in the new subsidiary and, in turn, it will hold more than 14% of STO Express.
In a statement, Alibaba stated its investment in 'one of the top five express delivery companies in China'. 'We will enlarge our active collaboration with STO in technology, last-mile delivery across China and New Retail logistics,' the company said. 'This investment is a step forward in our quest of the goal of 24-hour-delivery anywhere in China and 72 hours globally.”
This article is originally posted on Tronserve.com
The deal represents the Chinese technology company’s fourth investment in an specific courier firm. To date, Alibaba owns 10% of Chinese courier ZTO, 11% of YTO, and 27.9% of Best Logistics. In 2017, the company also invested an additional $807mn in Cainiao to gain a controlling stake in the firm.
On Monday (11 March), STO Express announced that its controlling shareholder, Shanghai Deyin Investment Holdings Co. Ltd., plans to generate a new subsidiary that will own a 29.9% stake in the courier firm.
Alibaba says it will pay 4.66bn yuan (US$693.3mn) for a 49% stake in the new subsidiary and, in turn, it will hold more than 14% of STO Express.
In a statement, Alibaba stated its investment in 'one of the top five express delivery companies in China'. 'We will enlarge our active collaboration with STO in technology, last-mile delivery across China and New Retail logistics,' the company said. 'This investment is a step forward in our quest of the goal of 24-hour-delivery anywhere in China and 72 hours globally.”
This article is originally posted on Tronserve.com