Global Atlantic Logistics assumes responsibility for Singpost domestic logistics

Global Atlantic Logistics in Korea became an authorized agent for Singapore Post Pte. Ltd., in a bid to take responsibility for domestic postal logistics.

As S-Net Holding, parent company of Global Atlantic Logistics, agreed to a joint venture with Singpost, Global Atlantic Logistics will take on logistic duties in Korea in lieu of Singpost.

Singpost and S-Net Holding contracted April 6, 2001. Based on this contract, Singpost will hold a 50 percent share of S-Net Holding, with the possibility of further opportunities paving the way for greater involvement in the logistic business, in addition to basic postal services.

S-Net Holding is a forwarding company with stockholders in ten Asian countries.

"European post offices have taken part in the logistics business, acting indifferently to us, establishing global networks and undertaking M&As (mergers and acquisitions) as well as service alliances in shipping, and international air and sea freight forwarding services," said Kim Eun-soo, president of Global Atlantic Logistics. "This joint venture between Singpost and S-Net Holding may trigger an international logistics company based in Asia," he added.