In a press release today (1 Dec), Singapore Post announced that Quantium Mail Logistics Solutions (India) Private Limited, a 66% indirect subsidiary of SingPost in India had ceased operations and has been placed under members’ voluntary liquidation.
“The liquidation is not expected to have a material effect on the net tangible assets or earnings per share of the Company for the financial year ending 31 March 2021,” said SingPost.
“None of the directors or controlling shareholders of the Company has any interest, direct or indirect, in the liquidation.”
Quantium Mail Logistics Solutions (India) actually comes under the wholly owned subsidiary of SingPost, Quantium Solutions, which specialises in logistics and fulfilment services to businesses in the Asia Pacific region.
It was reported that the Indian subsidiary had been making losses. Following a 2019 strategic review of Quantium Solutions’ operations, a decision was made to shut down the Indian unit.
Quantium Solutions CEO: “Excited by the opportunities”
Before 2009, Quantium Solutions was known as G3 Worldwide Aspac, fully owned by SingPost.
Its name was changed to Quantium Solutions on 2 November 2009. The SingPost’s wholly owned subsidiary is in the business of providing cross-border mail services as well as other value-added services including letter shopping, data management and printing, mail room management, freight logistics, warehousing, fulfillment and international distribution and hand delivery.
In 2009, Quantium Solutions already has presence in India plus 9 other territories.
At the time of the name change, then CEO of Quantium Solutions Teo Yew Hwa said, “The name change reflects our innovative and diverse range of mail logistics services and commitment to deliver solutions to our customers.”
“We are excited by the opportunities our new name represents and look forward to our continued growth as a leading mail logistic player in the Asia Pacific region,” he added.
Little did he know that 11 years later, his Indian subsidiary would be liquidated.