SingPost shares fall nearly 10% after 3 senior execs were fired
They were found to be negligent in the handling of internal investigations over a whistleblower’s report
SHARES of Singapore Post (SingPost) fell sharply on Monday (Dec 23) following the exit of three of the group’s top executives.
As at 11.13 am, the company’s shares tumbled by 9.8 per cent or S$0.055 to S$0.505, with 19.4 million securities changing hands.
No married deals were recorded, according to ShareInvestor data.
The counter had dipped 8 per cent or S$0.045 to S$0.515 in early trade. At 9.26 am, it was the second-most traded counter by volume.
The employment of group chief executive Vincent Phang, group chief financial officer Vincent Yik, and the chief executive of the company’s international business unit Li Yu were terminated with immediate effect on Dec 21.
These three figures were found to be negligent in the handling of internal investigations over a whistleblower’s report that it received earlier this year.
Before this latest development, global ratings agency S&P had already placed SingPost on credit watch negative, following a change in its future strategy and the sale of its Australian business. The national postal service provider had said it has entered a share purchase agreement to divest its Australian business.
