SingPost unaware of culprit behind sharp share price slip

It dropped 6% in heavy trading yesterday.

Singapore Post confirmed that it is in compliance with listing rules after receiving a trading query from the SGX yesterday.

The Postman's share price dropped 6.2% to $1.51 on Wednesday, marking a new low since May 2014. Trading volume surged to 31.4 million shares, compared to just 6.1 million shares in the previous trading day.

SingPost said that it is not aware of any information that could explain the unusual trading activity.

“In view of the global trend of declining mail volumes, SingPost has been accelerating its transformation efforts over the past few years, and continues to pursue opportunities, both organic and via M&As, to drive growth in Singapore and the regional markets,” SingPost said.

“To date, there is no material development which is required to be announced pursuant to the listing manual of the Singapore Exchange Securities Trading Limited. Accordingly, we are not aware of any information not previously announced concerning SingPost or our subsidiaries or associated companies which may explain the trading activity,” the company added.