SingPost: To sell pawnbroking business, SingPost Retail Services (brand “SpeedCash”), the entire share capital of 140m shares for $1.1m and all existing pledges. Sale is to GL Group, an entity owned by Peng Kwee Watches and Jewellery. Peng Kwee was originally a partner to SpeedCash in valuing, pawning and retailing of 2nd-hand watches…
Co is of view divestment will allow focus on other opportunities such as logistics business. NAV of business was approx $2.7m but consideration of $1.1m has not taken into account existing loan/pledge portfolio of business. SingPost currently trades at 13.5x P/E vs hist avg of 14.4x and has approx yield of 5.4%
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