Singtel share price in state of emergency
What a disaster for Singtel share price. Investors must have thought they have seen the worst of Singtel share price when global stock markets plunged on 23 March 2020 due to the COVID-19 pandemic. Most stocks had since recovered from that dark chapter but Singtel share price continued its dismal run. What the hell has happened to this leading light of SGX?
Amid the devastating meltdown of Singtel share price, the telco announced the retirement of CEO Chua Song Koong effective on 1 January 2021. That fateful announcement provided some temporary relief for Singtel share price, which surged from $2.15 on 1 October to $2.20 on 14 October. But sentiments continued to be sour for this counter as Singtel share price continued its bearish run thereafter. Is this really the end of the road for Singtel share price?
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As I have never invested in Singtel, I have nothing against CEO Chua Song Koong. Arguably, her best achievements were the acquisition of Optus in Australia and the divestment of Netlink Trust in 2017, which led to Singtel share price hitting a high of $4.00. But her failure to turnaround the perennial loss-making Group Digital Life and Airtel in India could have led to her imminent departure.
On 16 October, the Group announced that its joint venture, Telkomsel, had entered into a sale and purchase agreement for the sale of 6,050 telecommunication towers to PT Dayamitra Telekomunikasi (“Mitratel”) for IDR10.3 trillion (approximately $950 million). This is supposedly a positive news. Nevertheless, this also did not provide any uplift for Singtel share price, …
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