SINGAPORE: The share price of Creative Technology rose by more than 30 per cent after news that founder and CEO Sim Wong Hoo had died, touching S$1.90 - a four-month high - on Thursday afternoon (Jan 5).
The tech stock was last at this price range in September last year, and was still fluctuating as at 12pm Thursday.
News broke that morning of Mr Sim's death on Wednesday at age 67. His death was described by the company's interim CEO, president of the Creative Labs Business Unit Song Siow Hui, as a "sad and sudden development".
Lead independent non-executive director Lee Kheng Nam has been appointed acting chairman while independent non-executive director Ng Kai Wa will serve as acting vice chairman.
Mr Sim founded Creative in 1981 and had been the company's chairman and CEO since its inception.
The homegrown company designs, manufactures and distributes digital entertainment products worldwide. It is best known for its Sound Blaster sound cards.
In 1992, Creative was listed on the American NASDAQ stock market, but it voluntarily delisted in 2007 and now trades only on the Singapore Stock Exchange. At its peak in 2000, the share traded at more than S$60 on SGX.
The tech firm's fortunes declined in the early 2000s after its MP3 player lost out to Apple's iPod, although it successfully sued the American giant for patent infringements and was awarded a US$100 million settlement.
In recent years, Creative made headlines again with its new Super X-Fi (SXFI) technology, which is designed to recreate a multi-dimensional sound experience in headphones.
The company recorded losses of US$11 million in FY2022.
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The tech stock was last at this price range in September last year, and was still fluctuating as at 12pm Thursday.
News broke that morning of Mr Sim's death on Wednesday at age 67. His death was described by the company's interim CEO, president of the Creative Labs Business Unit Song Siow Hui, as a "sad and sudden development".
Lead independent non-executive director Lee Kheng Nam has been appointed acting chairman while independent non-executive director Ng Kai Wa will serve as acting vice chairman.
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Mr Sim founded Creative in 1981 and had been the company's chairman and CEO since its inception.
The homegrown company designs, manufactures and distributes digital entertainment products worldwide. It is best known for its Sound Blaster sound cards.
In 1992, Creative was listed on the American NASDAQ stock market, but it voluntarily delisted in 2007 and now trades only on the Singapore Stock Exchange. At its peak in 2000, the share traded at more than S$60 on SGX.
The tech firm's fortunes declined in the early 2000s after its MP3 player lost out to Apple's iPod, although it successfully sued the American giant for patent infringements and was awarded a US$100 million settlement.
In recent years, Creative made headlines again with its new Super X-Fi (SXFI) technology, which is designed to recreate a multi-dimensional sound experience in headphones.
The company recorded losses of US$11 million in FY2022.
Continue reading...