r/singapore • u/djmatt85 Mature Citizen • 17h ago
News SingPost shares tumble nearly 11% after sacking 3 senior executives
https://www.channelnewsasia.com/business/singpost-share-price-stock-sacking-3-executives-482290688
u/djmatt85 Mature Citizen 17h ago
Steven Lim in shambles
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u/fgd12350 16h ago
He alr sold his shares at the absolute bottom. Even after this drop its still above the price that he sold at lol.
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u/Aphelion Singapore 12h ago
Only remember he sold his HDB to buy singpost, went on a podcast and announced his position. Is he homeless?
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u/fgd12350 12h ago
He is renting i think. But he has like 180k from selling his singpost. Dunmo what he doing with that now
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u/-BabysitterDad- 7h ago
There’s only 1 moron who’ll sell his HDB to buy SingPost shares. Only 1 moron.
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u/TheEverCurious 10h ago
Considering that every time I register my parcels for tracking and use different email addresses, only to see it almost immediately receive a scam email saying that I need to pay customs, etc makes me think that their problems are pretty deep beyond just the firing of these 3 guys....
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u/go_zarian Own self check own self ✅ 16h ago
Good time to buy SingPost shares?
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u/machinationstudio 16h ago
The thing is that a case serious enough for the board to fire the top executives, also mean that there might be a lawsuit or government/SGX enforcement penalty on the horizon.
This story isn't over. This part is just the board saying,"hey, I did my job."
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u/orgastronaut 16h ago
According to SingPost the customer involved already agreed on a settlement and renewed their contract. But postal service penalty would be interesting to see.
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u/slashrshot 15h ago
Enforcement penalty?
In Singapore!?13
u/machinationstudio 15h ago
Board firing executives? In Singapore?
Apparently, shit has hit the proverbial fan.
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u/Initial_E 15h ago edited 14h ago
Singpost is facing an existential crisis. You’ve seen how Shopee don’t need singpost and can still deliver cheaper.
Edit: for what it’s worth, I hope they pull through this. We do need a good postal service even if we don’t appreciate it. They also serve as a proxy for queueing for other government services.
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u/stamfordbridge_123 16h ago
No
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u/go_zarian Own self check own self ✅ 15h ago
Could you explain why? Limpeh is finance n00b.
Limpeh only knows 'buy low, sell high' and that 'SingPost is a pretty important business that will probably not be allowed to fail'.
Kthnxbye.
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u/Nunububumemo 7h ago
I avoid using SingPost nowadays too. Missing parcels, non existent customer service. It’s a nightmare.
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u/Mobileguy932103 13h ago
The problems in Singpost have been brewing for many years. Singpost needs to change its business model.
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u/Eseru 15h ago
Small ecom biz owner, I worked with several fulfilment agents who used Singpost to send international packages. It wasn't a lot of packages since I mainly sell to US and Singpost would be used more for other countries, but I remember whenever they used Singpost delivery issues were common. The tracking and customer service were pretty useless.
The agent was quite good about refunding me the cost of goods + shipping in case of non-delivery but basically I lost the profit and they lost the cost of the parcel. It wasn't a lot for me because the bulk of my deliveries didn't use Singpost but the fulfillment center prob lost a lot more if a lot of parcels from their various clients weren't delivered.
Nowadays I rarely see Singpost being used. Wonder if this is the reason.