Latest news with #FreddySim
Business Times
11-07-2025
- Business
- Business Times
Creative Technology warns H2 revenue may be below target, with operating loss similar to that in H1
[SINGAPORE] Creative Technology said that revenue for its second half of the financial year ended Jun 30 is likely to be US$30 million, which is below its target. In a bourse filing on Friday (Jul 11), the company said that its revenue was 'negatively impacted by the uncertain macroeconomic conditions and weakening consumer sentiments resulting from the US trade tariffs and global trade tensions. These factors have adversely affected the business environment in many markets for the group's products'. It added that it expects to report a similar level of operating loss as that in the first half-year. At the same time, the home-grown electronics company said that it is ramping up initiatives to boost revenue growth while optimising resources. It will announce details of the financial results for the full year ended Jun 30 in August. The profit guidance comes less than two weeks after the company said that its chief executive officer Freddy Sim will step down from his role on Jul 11 for health reasons, shortly after taking on the top job in May. The board will look for a new CEO, Creative said in a bourse filing on Jun 30. Creative's shares rose S$0.005, or 0.6 per cent to close at S$0.83 before the profit guidance.
Straits Times
30-06-2025
- Business
- Straits Times
Freddy Sim to step down as Creative CEO for health reasons; Tan Jok Tin to serve as interim CEO
The board will look for a new CEO, Creative said in a bourse filing on June 30. PHOTO: ST FILE Freddy Sim to step down as Creative CEO for health reasons; Tan Jok Tin to serve as interim CEO SINGAPORE - The chief executive officer of Creative Technology, Mr Freddy Sim, will step down from his role on July 11 for health reasons, shortly after taking on the top job in May. The board will look for a new CEO, Creative said in a bourse filing on June 30. During the transition, Creative's executive chairman Tan Jok Tin will be the interim CEO. Mr Sim, 67, will remain as a non-executive, non-independent director at the company, Creative said. He is the younger brother of Mr Sim Wong Hoo, Creative's late founder, who died in January 2023. Shares of Creative Technology closed 4.7 per cent or $0.04 lower to $0.80 on June 30, prior to the news. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
19-05-2025
- Business
- Business Times
Stocks to watch: Frasers Centrepoint Trust, Sinarmas Land, Creative, Econ Healthcare
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Monday (May 19). Frasers Centrepoint Trust (FCT): The acquisition of Northpoint City's south wing may be financed either with or without the issuance of perpetual securities, said FCT's manager in a bourse filing on Saturday. Proceeds from FCT's recent equity fundraising have been used to repay its existing debt. The trust will also draw down additional debt financing to pay for its recent acquisition of Northpoint City when the acquisition is finalised. Should the manager issue perpetual securities, the proceeds will be used to pay its existing debts. An illustrative coupon of 4.2 per cent per annum was assumed for the potential issuance of perpetual securities, while an all-in interest rate of 3.3 per cent was assumed for new debt financing. Units of FCT closed 1.4 per cent or S$0.03 higher on Friday at S$2.19. Sinarmas Land : Lyon Investments said on Sunday that its offer price of S$0.375 per share of property developer Sinarmas Land is final, and that it does not intend to revise the current offer price. It will also extend the closing date of the offer from May 29 to Jun 2, 5.30 pm. The announcement comes after it raised the offer price on May 10. The revised offer price represents an increase of 21 per cent or S$0.065 over the initial offer price, and is higher than the highest closing price of the company's shares for more than six years. The counter closed 1.3 per cent or S$0.005 lower at S$0.375 on Friday. Creative Technology : The company has named Freddy Sim, the younger brother of its late founder Sim Wong Hoo, as chief executive officer. The appointment took effective on Friday. Creative said in a bourse filing the same day that the 67-year-old, as an entrepreneur for more than 40 years in the field of consumer electronics and technology, would accelerate Creative's renewal journey. He will be paid a nominal monthly salary of S$1 a month, just like his brother, the founder and CEO of Creative who died in 2023 after having revolutionised sound quality in computers in the late 80s with the Sound Blaster sound card. Creative's interim CEO Tan Jok Tin will remain as executive chairman. The counter closed at S$0.90, S$0.02 or 2.3 per cent higher, before the announcement. Trading halt Econ Healthcare (Asia) : The nursing home operator called for a trading halt before the market opened on Monday, pending announcements to be released. It was previously reported that US private equity firm TPG, through its special purpose vehicle, is looking to take Econ Healthcare private by way of a scheme of arrangement, in a near S$88 million deal. Incorporated in the Cayman Islands, the offeror Enabler Bidco is looking to acquire all of the issued shares of Econ Healthcare. As at the announcement on Feb 14, the Catalist-listed company has an issued and paid-up share capital comprising 265.9 million shares. Each shareholder will be entitled to receive, at their election, either S$0.33 per share in cash, or S$0.224 per share in cash and about 0.32 Enabler Holdco shares. The counter closed flat at S$0.35 on Friday.
CNA
16-05-2025
- Business
- CNA
Creative Technology names late founder Sim Wong Hoo's brother as new CEO
SINGAPORE: Creative Technology has named Mr Freddy Sim, the younger brother of its late founder and billionaire entrepreneur Sim Wong Hoo, as CEO with effect from Friday (May 16). Just like his brother, who served as chairman and CEO until his death in 2023, Mr Freddy Sim will be drawing a nominal monthly salary of S$1 (US$0.80), the company said in an announcement on the Singapore Exchange (SGX) on Friday evening. Creative Technology was founded in 1981 and is best known for its Sound Blaster sound cards. The company designs and manufactures digital entertainment products. "This appointment is an honour and I will undertake this new role in full recognition that we are all building upon what my brother Sim Wong Hoo started all those years ago,' said Mr Freddy Sim. 'Creative is renowned as the flagbearer for innovation in the technology industry. The new senior management team have re-strategised and refocused on our core DNA of innovation, and revitalised the entrepreneurial spirit of daring to venture into the leading edge.' In its announcement, Creative Technology said that Mr Freddy Sim is a "seasoned entrepreneur" with more than 40 years of experience in consumer electronics and technology. "His expertise and seasoned leadership will continue to accelerate Creative on its journey of renewal; and its momentum to deliver industry-leading innovative products," it added.
Business Times
16-05-2025
- Business
- Business Times
Creative appoints Sim Wong Hoo's younger brother as CEO
[SINGAPORE] Creative Technology has named Freddy Sim, the younger brother of its late founder Sim Wong Hoo, as chief executive officer (CEO). The appointment is effective from Friday (May 16). Creative said in a filing with the bourse the same day that the 67-year-old, as an entrepreneur for more than 40 years in the field of consumer electronics and technology, would accelerate Creative's renewal journey. Sim, as he reinvigorates Creative, will be paid a nominal monthly salary of S$1 a month, just like his brother, the founder and CEO of Creative who died in 2023 after having revolutionised sound quality in computers in the late 80s with the Sound Blaster sound card. Creative's interim CEO Tan Jok Tin will remain as executive chairman. Creative shares closed at S$0.90, S$0.02 or 2.3 per cent higher on Friday, before this appointment was announced. ,
