Singapore Post said on Wednesday that after a strategic review, it planned to sell its U.S. e-commerce businesses Jagged Peak and TradeGlobal.
“SingPost believes its strengths and strategic competitive advantages are in Southeast Asia and Asia Pacific, which provides attractive growth opportunities,” the company said in a filing to SGX on Wednesday.
The company has struggled with high costs related to Jagged Peak and TradeGlobal.
“Arising from the strategic review, we will step up our investment to better serve our home market in Singapore, as well as leverage our competitive advantages in Asia-Pacific,” Paul Coutts, group CEO of SingPost, said in the statement.
The postal company’s non-U.S. business units won’t be affected by the divestment plans, the filing said.