When I lasted attended Singapore Post’s (SGX: S08) annual general meeting in 2018, the management was touting the success of their turnaround plan for the company’s e-commerce segment, where losses had halved from $33.8 million the previous year to $16.7 million.

The turnaround looked to be on track, so it came as a surprise when SingPost announced the sale of its two U.S. e-commerce business – Jagged Peak and Trade Global – in April this year.

The announcement of the sale caught me off guard as I remembered that the management was rather optimistic at the 2018 AGM about turning around the e-commerce segment where it was reported that Trade Global’s Q4 revenue had grown at 19%.

I decided to attend