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Terence Wong, CFA

CEO and Executive Director
Azure Capital

Ex-CFO of OSIM Peter Lee resurfaces at Popular

Jan 29, 2019

Ex-CFO of OSIM Peter Lee went on a hiatus following the privatisation in 2016, and re-joined the corporate scene a year later with Popular Holdings as Group CFO and Head of Singapore business. Now I know who to look for when I make my annual trips to the bookstore to buy assessment books. Incidentally, Popular was privatised in 2015. Due to poor market conditions, some of the best-known Singapore brand names were taken private or acquired in 2015-16. Other than OSIM and Popular, there were Super and Eu Yan Sang. I think this will be a theme to play in the first half of the year, due to weak valuations and the fact that SGX will likely revise the rules to bar majority shareholders from voting. This makes it more challenging and expensive to privatise after the new rules are implemented. In fact, Courts Asia just jumped on the bandwagon 11 days ago. More to come.