Singapore Post's (SGX:S08) shareholders voted in favor of the disposal of the company's Australian logistics business, Freight Management Holdings, according to a filing with the Singapore Exchange on Thursday.

Following the conclusion of an extraordinary general meeting, the proposed disposal garnered 99.9% of the votes.

According to the filing, the disposal will allow the group more liquidity and support 'meaningful deleveraging of debt'.

The sale of the business will generate around AU$775.9 million in gross proceeds, which will be utilized for debt repayment and to issue a special dividend along with residual proceeds.