2017 was a tumultuous year for Singapore Post (SingPost) as it suffered a S$185 million impairment loss on TradeGlobal amid accusations of serious lapses in corporate governance surrounding the acquisition of the e-commerce provider. The previous board, except for two directors, was removed and a new CEO was appointed after the incident.
At the 2017 annual meeting, the new management team took pains to handle the fallout from the acquisition and set plans to turn the company around. So this year I’m back at the AGM to observe how the turnaround plans have (or haven’t) panned out.
Here are seven things I learned from the 2018 Singapore Post AGM:
1. SingPost’s e-commerce segment losses narrowed from $33.8 million to $16.7 million. According to last year’s AGM, TradeGlobal lost two major customers which contributed 40% of SingPost’s revenue. The management mentioned that they’ve plugged the 40% gap with …