SingPost tumbles on upcoming corporate governance probe

SHARES of postal and e-commerce group Singapore Post took a tumble on Christmas Eve to plunge their lowest level in 18 months.

The stock fell 3 per cent or five cents on Thursday to finish at S$1.61 on 13.3 million shares traded, marking its lowest price since June 2014.

It was among the 20 most heavily traded counters on the local bourse in a shortened trading session.

The drop came after concerns raised by market observers about a special corporate governance audit that SingPost is set to undergo.

SingPost had said in a Singapore Exchange (SGX) filing on Wednesday that it would commission a special audit to look into "issues raised" about its corporate governance in recent articles. It did not specify what issues these were. Its move came in the wake of recent questions over its disclosure standards and its own admission of "administrative oversight".