Wolfgang Baier cashes out part of SingPost stake

SINGAPORE Post's (SingPost) outgoing chief executive officer Wolfgang Baier sold off part of his stake in the postal and e-commerce group on Monday, SingPost said in a Singapore Exchange filing on Tuesday evening.

Dr Baier sold 2.5 million shares in the open market for about S$3.94 million in total, which worked out to an average price of S$1.577 apiece.

That cut his SingPost stake from 3.72 million shares or 0.172 per cent to 1.22 million shares or 0.057 per cent. The counter had closed one Singapore cent lower at S$1.57 on Monday.

At SingPost's share price of S$1.56 as at 11.30am on Wednesday, Dr Baier's remaining stake would be worth about S$1.91 million.

Dr Baier abruptly quit SingPost in December 2015, but said he would be around until end-June 2016 to support a handover. The group has yet to formally announce his successor.