Latest news with #RonaldOng
Business Times
an hour ago
- Business
- Business Times
Daily Debrief: What Happened Today (Jun 9)
Stories you might have missed Will deglobalisation and business uncertainty hurt buying power in Good Class Bungalow properties? [SINGAPORE] Owning a detached home in a Good Class Bungalow (GCB) Area is arguably the ultimate status symbol for the super rich in land-scarce Singapore. CapitaLand Investment expands fund with Japan asset acquisition at 30 billion yen [SINGAPORE] CapitaLand Investment (CLI) on Monday (Jun 9) announced that it secured additional capital commitments from new and existing institutional investors for its value-add lodging private fund, CapitaLand Ascott Residence Asia Fund II (Clara II). CDL's high debt and interest costs continue to weigh on stock despite South Beach sale BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up [SINGAPORE] News of City Developments Ltd's (CDL) sale of its 50.1 per cent majority stake in the South Beach mixed project put some bounce in the property developer's share price last week, but analysts were less sanguine, due to the company's high debt and interest costs. Income Insurance chairman Ronald Ong to retire from role after seven years at helm [SINGAPORE] Income Insurance chairman Ronald Ong, 69, will retire from his role after seven years at the helm, the company announced on Monday (Jun 9). MoneyHero expands into digital assets in partnership with OSL [SINGAPORE] MoneyHero, a leading personal finance aggregation and comparison platform across Greater South-east Asia on Monday (Jun 9) announced a strategic collaboration with digital asset platform OSL Group. Singapore stocks close Monday higher ahead of US-China talks; STI up 0.1% [SINGAPORE] Local stocks rose on Monday (Jun 9), in line with gains in Asian markets on hopes that a fresh round of US-China trade talks will ease tensions. Investors also digested the latest China inflation and trade data.
CNA
8 hours ago
- Business
- CNA
Income Insurance chairman Ronald Ong to stand down
SINGAPORE: Income Insurance's chairman Ronald Ong will retire from the company's board, it said on Monday (Jun 9). He will, however, remain on the board of NTUC Enterprise, Income Insurance's parent company. Mr Ong, who began serving on the Income Insurance board in 2018 and became its chairman in 2019, will not seek re-election at the company's upcoming annual general meeting on Jun 24, it said in a media release. It added that Mr Ong led the company through its corporatisation, as it transitioned from a co-operative – NTUC Income Insurance Co-operative – to a company governed by the Companies Act. In a statement, NTUC Enterprise chairman Lim Boon Heng said: "I would like to thank Ronald for his leadership over the past seven years at Income Insurance. "Ronald remains on the NTUC Enterprise board and will be steering the private investment portfolio within NTUC Enterprise going forward, leveraging his deep expertise, wide network and strong commitment to create value for customers and shareholders." Income Insurance said that its board and management were grateful to Mr Ong "for his guidance and steadfast leadership over the years". "Under Mr Ong's leadership, Income Insurance weathered the COVID-19 pandemic, succeeded in corporatisation and also enhanced its digital capabilities," the company said. Mr Ong said that it had been an honour to serve on Income Insurance's board. "I have had the privilege of working alongside a talented and dedicated team, and the experience has been both humbling and rewarding," he added. Income Insurance said that its board had begun a succession process to appoint a new chairperson. "Further details will be shared at the upcoming annual general meeting," it said. The tail end of Mr Ong's tenure as chairman saw Income Insurance embroiled in a saga involving a proposed deal that would have seen it taken over by German insurer Allianz. In July last year, Allianz made an offer of about S$2.2 billion (US$1.6 billion at the time) for a 51 per cent stake in Income Insurance. NTUC Enterprise said at the time that it would remain a "substantial" shareholder in Income Insurance if the sale went through.
Business Times
8 hours ago
- Business
- Business Times
Income Insurance chairman Ronald Ong to retire from role after seven years at helm
[SINGAPORE] Income Insurance chairman Ronald Ong will retire from his role after seven years at the helm, the company announced on Monday (Jun 9). The board has begun a succession process to appoint a new chairman and further details will be shared at the upcoming annual general meeting on Jun 24, the company said in a statement. Lim Boon Heng, chairman of Income's parent NTUC Enterprise, expressed his appreciation for Ong's leadership over the past seven years at Income. 'Ronald remains on the NTUC Enterprise board and will be steering the private investment portfolio within NTUC Enterprise going forward, leveraging his deep expertise, wide network, and strong commitment to create value for customers and shareholders,' Lim added. Ong has been serving on the board since 2018 and was appointed chairman in 2019. He led the corporatisation of NTUC Income Insurance Co-operative to Income Insurance in 2022. He had also led Income Insurance through the Covid-19 pandemic and has helped to enhance its digital capabilities. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up It was previously reported that Ong had recused himself when Morgan Stanley was appointed as the financial adviser for the proposed sale of Income to German insurer Allianz. At the time of his appointment as Income chairman, Ong had been working at Morgan Stanley for 20 years. In February 2023, he was appointed chairman of the bank's South-east Asia business. The 1.5 billion euro (S$2.2 billion) sale, announced a year ago, was cancelled months later in October 2024 when the government amended the Insurance Act to facilitate cancelling of the deal. In calling off the sale, it said it was 'not in the public interest' for the transaction to proceed in its current form. Culture, Community and Youth Minister Edwin Tong added that the government was still open to any new arrangement which Income may wish to pursue, whether with Allianz or other partners, as long as the concerns were fully addressed. The decision came after much public disquiet over the deal, which also became a major talking point during the 2025 General Election campaigning. NTUC secretary-general Ng Chee Meng, who stood as a candidate for Jalan Kayu SMC, said the deal was done in 'good faith' and complied with legal regulations. 'In NTUC, we will do our best, and sometimes I'm sorry that it's not good enough. But we will learn the right lessons and we will do better,' he said. Ng won the Jalan Kayu seat by a slim 51.47 per cent of the vote.
