Thursday, December 11, 2008

Daily news - 11 Dec

SingTel's 'iPhone' man resigns
Singapore Telecommunications – The senior executive who played a key role in sealing Singapore Telecommunications' iPhone dealership has resigned three months after the launch of the coveted device. In a regulatory filing last night, SingTel said that Quek Peck Leng, executive vice-president of its consumer business, has tendered his resignation and is set to leave the group at the end of March next year. A company spokesman told BT that Mr Quek is leaving for 'personal reasons' and that he will go on gardening leave from next month. SingTel said that a successor will be named in due course. Formerly a regional director with Asia-Pacific Breweries, Mr Quek took the helm at SingTel's consumer division in December 2006 following an exhaustive talent hunt by the operator. He has led the business unit through a number of major milestones including the introduction of its new Internet and mobile television offerings, as well as the timed-exclusive iPhone agreement with gadget maker Apple. Mr Quek helped to lock down the deal after a lengthy negotiation process which took nearly a year to complete. SingTel finally launched the iPhone to much fanfare on Aug 22 this year and industry estimates put the sales tally of the phone at around 60,000 to date.

Raffles Edu's Chew has 32% direct stake
Raffles Education Corp – Chairman Chew Hua Seng's direct stake in mainboard-listed Raffles Education Corp has increased to 32.34 per cent from 9.76 per cent, following the distribution of shares from a family trust. Humble Trust is a family trust that was set up five years ago, a spokesman for Raffles Education Corp told BT. However, the spokesman declined to comment on the termination of the trust. Humble Trust, which is managed by trustee Credit Suisse Trust Limited, held a 22.58 per cent stake - or about 523.81 million shares - in Raffles Education Corp and 'will be terminated following the distribution of shares to family members under the trust', a notice released on the Singapore Exchange (SGX) said. The move means that Mr Chew's deemed stake has correspondingly dropped to 2.71 per cent from 25.29 per cent. Mr Chew's direct stake is now about 750.28 million shares, up from 226.47 million. The difference of about 523.81 million shares are held jointly by Mr Chew and his spouse. His spouse's direct stake in the company rose from 2.71 per cent to 25.29 per cent, also inclusive of the 523.81 million shares jointly held. Her deemed stake is now 9.76 per cent, down from 32.34 per cent.

Source: Kim Eng

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