Hot stock: Creative shares jump 40% following news of founder-CEO’s death
SHARES in Creative Technology rose as much as 41 per cent to S$2 on Thursday (Jan 5), following news that its founding chairman and chief executive Sim Wong Hoo has died.
The last time the counter traded near such levels was in August last year. No married trades were recorded, according to ShareInvestor data. By 2pm, the counter had eased to S$1.75, still up 25 per cent from the previous session.
Founded in 1981, the company designs, manufactures and distributes PC products. It now provides multimedia hardware and software products for use with PCs.
For the financial year 2022, the company recorded greater losses of US$11 million, from the earlier US$7.6 million net loss in FY21.
Its board of directors include former politician George Yeo, Lee Kheng Nam, Ng Kai Wa, Lee Gwong-Yih, all of whom are the company’s independent non-executive directors. The group’s chief financial officer is Ng Keh Long, according to its last financial report filed in October 2022.
As at 2.30 pm, Creative shares were traded at S$1.77.
