SingPost blames special audit saga for sharp share price slip

Its share price dropped 6.5% yesterday.

Singapore Post blamed its share price weakness on its ongoing corporate governance troubles, the company said in a statement today.

The Postman was hit with a trading query after its shares took a beating in yesterday’s trading, closing 6.5% lower at $1.30 per unit.

SingPost said that one possible explanation for the decline is market reaction to a letter criticising the company’s decision to appoint PricewaterhouseCoopers (PwC), its incumbent external auditor, to undertake the special audit of SingPost’s corporate governance practices.

The letter, written by NUS professor Mak Yuen Teen and corporate governance advocate Chew Yi Hong, said that PwC cannot assume the role of special auditor because of its long-standing relationship with SingPost.

Apart from the letter, SingPost reiterated that it is not aware of any information not previously announced concerning SingPost or our subsidiaries or associated companies which may explain the unusual trading activity.

SingPost also asserted that it is following listing rules.

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