Australia Post has signed an agreement this week to divest its 75 per cent shareholding in the MailPlus business to MailPlusHolding Co, which is owned and operated by MailPlus Founder and Chief Executive Officer, Chris Burgess.
The Burgess Family Trust currently holds the remaining 25 per cent shareholding in the MailPlus business.
Australia Post made the decision to divest its shareholding in the MailPlus business, a franchise-based pick-up and delivery service for small and medium sized businesses, after assessing the business as no longer core to Australia Post’s strategic objectives.
The sale is expected to be completed by 31 January 2019 with the change of ownership taking effect from that date. The divestment is not expected to have a material impact on Australia Post’s financial statements for the financial year ending 30 June 2019.